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Social media's most popular stock? #Tesla

Fri, 02nd Sep 2022 15:28

SOCIAL MEDIA'S MOST POPULAR STOCK? #TESLA (1022 ET/1422 GMT)

Tesla Inc was found to be the most popular and talked about stock on social media platforms including TikTok and Instagram, according to a study by financial services provider CMC Markets that analysed data from posts on sites focused on equities.

More than 45,400,000 views on TikTok, posted with the hashtag #TeslaStock, and 28,391 posts hashtagged with the same.

Hot meme favourite AMC Entertainment Holdings Inc came in a close second, while third in place was Apple Inc . Amazon.com Inc and GameStop Corp also made it to the top five list.

CMC Markets said these findings also show the sheer amount of views one can get from posting about them and that many people are turning to social media for their information on the stock market and even tips and tricks for using it properly.

Meme stocks including AMC and GameStop were unsurprising to be included on the list as they are considered as some of the biggest pioneers of social media fuelled rises and falls.

(Shreyashi Sanyal)

U.S. STOCK FUTURES JUMP AS JOBS REPORT KEEPS FED AT BAY (0920 ET/1320 GMT)

Equity futures jumped before the bell on Friday after the non-farm payrolls report for August came in strong, but not enough to force the Federal Reserve to aggressively raise interest rates and force the U.S. economy into a hard landing.

Futures had traded near break-even before the labor market report came out. S&P E-minis were up {EScv1;PCTCHNG:2}% to {EScv1;TRDPRC_1}, while Nasdaq E-minis gained {NQcv1;-PCTCHNG:2}% and Dow minis advanced by {1YMcv1;-PCTCHNG:2}%. The pan-European STOXX 600 rose more than 1%.

The Labor Department said non-farm payrolls increased by 315,000 jobs last month after surging 526,000 in July. Average hourly earnings rose 0.3% compared with expectations of 0.4%, a sign that a potential component for higher inflation was ebbing.

The market is worried about high levels of inflation and the Fed having to move very aggressively, said Anthony Saglimbene, chief market strategist at Ameriprise Financial.

But inflation is beginning to come down, with gasoline prices down for the 12th straight week. Gasoline prices have fallen 25% from their mid-June highs, while prices paid in the ISM manufacturing fell to their lowest levels since June 2020, he said

"So below the surface, and before we get the CPI and PPI prints later this months, inflation is coming down," Saglimbene said.

"The labor market remains strong but not too hot, and we're getting prices and inflation coming down, that really is a scenario for a potential soft landing. We just need more data to see if that's really case.

(Herbert Lash)

FOR FRIDAY'S LIVE MARKETS' POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE:

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