Dow & S&P 500 Stagnate; Apple Enters AI Competition as GameStop (GME) Skyrockets

• Stocks experienced a slight dip as major stock indexes showed a modest decrease midday Monday. Apple (AAPL) saw an increase as it plans to venture into the artificial intelligence sector. GameStop (GME), the original meme stock, saw a decrease after doubling at the stock market’s opening today.
• The Dow Jones Industrial Average aimed to extend its seven-day winning streak but remained almost unchanged at midday. The S&P 500 also gave back morning gains and was flat, while the Nasdaq added 0.3%. The small-cap Russell 2000 outperformed the major indexes, though it trimmed gains to 0.6%.
• Apple (AAPL) saw a 1.6% increase on news it is looking to partner with OpenAI to incorporate OpenAI’s ChatGPT technology into its next iPhone operating system, iOS 18. Meanwhile, GameStop trimmed gains after it gapped up around 67% in recent trading in huge volume, on buzz that Keith Gill, the investor known as Roaring Kitty, posted his first tweet in nearly three years.

Stocks see a slight dip as major indexes show modest decreases, with Apple seeing a boost from its venture into AI and GameStop easing after a significant increase at the market’s opening.

Apple Stock Gets A Boost On AI News

Apple (AAPL) saw a 1.6% increase on news it is looking to partner with OpenAI to incorporate OpenAI’s ChatGPT technology into its next iPhone operating system, iOS 18. Apple stock is in a cuplike base with a 199.62 buy point, according to MarketSurge pattern recognition. The stock gapped up 6% and reclaimed its 200-day moving average after the consumer products giant topped its fiscal second-quarter earnings and sales estimates on May 2.

GameStop Eases After Doubling

GameStop trimmed gains after it gapped up around 67% in recent trading in huge volume, on buzz that Keith Gill, the investor known as Roaring Kitty, posted his first tweet in nearly three years. Gill started the stock’s frenzied moves in 2020 and 2021 with the stock experiencing a short squeeze, sending shares rocketing. GameStop on Friday tried to top a cup base with an 18.59 buy point and today’s surge left the stock extended from the buy zone.

Conclusion

Major stock indexes experienced a slight decrease midday Monday, with Apple seeing a boost from its venture into AI and GameStop easing after a significant increase at the market’s opening. The Dow Jones Industrial Average aimed to extend its seven-day winning streak but remained almost unchanged at midday. The S&P 500 also gave back morning gains and was flat, while the Nasdaq added 0.3%. The small-cap Russell 2000 outperformed the major indexes, though it trimmed gains to 0.6%.