Stock Market Madness Continues; US Personal IncomeSpending

Note  The table above is updated before publication with the latest consensus forecasts. However, the text charts are prepared ahead of time. Therefore there can be discrepancies between the forecasts given in the table above and in the text charts. 

Rates as of 0500 GMT

Market Recap

Well, the action certainly wasnt in currencies yesterday! There was an unusually narrow range for currencies, while in the stock market, the story was definitely different.

Once again there was incredible volatility in GameStop and other darlings of the retail community. Several US retail brokers restricted trading in these stocks yesterday, saying that the volume of trade in such volatile stocks made them exceed their legal capital requirements. The move sparked a classaction lawsuit and calls from politicians to investigate the company involved, while the Senate Banking Committee said it would hold a hearing into the volatility.

GameStops share price ranged from 513 in premarket trading to 112 at the lows before closing at 194 not 197 as it shows on the graph. After the close, one the companies that had restricted trading said it would allow clients to make limited purchases of some of the shares that it had blocked. This sent it back up 61. 

This is the first stock move Ive ever seen that has a song written about it a sea shanty With thanks to Katie Martin of the FT for pointing this out on Twitter. 

The wave pushed silver up sharply after some people posted on wallstreetbets…

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