GameStop Stock News and Forecast: GME backtracks after Thursday’s 8% gain

• GameStop stock has shed value on Friday alonside broad market.
• Tesla cutting its prices in the United States has hurt its share price.
• Bed Bath & Beyond stock has lost more than 5%.
• Bank earnings results in the premarket were robust, but JPMorgan still expects a recession.

GameStop (GME) stock has given back 0.6% on Friday morning after advancing more than 8% on Thursday. The NASDAQ is trading 0.3% lower at the same time as all three major United States indices are in the red following bank earnings that offered a somewhat pessimistic outlook on the full year. GME stock opened lower at $19.88 on Friday but has steadily increased to $20.50 at the time of writing.

GameStop stock news: Banks offer solid results but dreary outlook

Two separate news items have started Friday’s session off with a bit of pessimism in the coffee. First, Tesla (TSLA) cut the price tag on a number of its models, which typically only happens when a company is worried about demand holding up. Despite many commentators saying the price cut was simply necessary to meet federal tax refund requirements, the policy mirrors Tesla’s price cuts in China last year that were launched in order to deal with drooping sales.