fxstreet.com 26 Jan, 2021 22:15 am

Major bourses subdued ahead of FOMC, GME short squeeze continues

The battle between the Reddit retail army and hedge fund short sellers stole the show again on Tuesday, with GameStop (GME) again at the epicentre. By

64 and revenue for the quarter came in at $43.Looking at the earnings breakdown, the Productivity and Business Processes, Intelligent Cloud and More Personal Computing segments all posted higher than expected revenue on the quarter.For reference, US equity index futures saw downside during the Asia Pacific session (market commentators noted concerns regarding US fiscal stimulus delay/the growing likelihood that the Biden administration might be unable to pass its proposed $1.9T stimulus plan in its entirety) but pared these losses prior to the US open (market commentators attributed the recovery in sentiment on positive vaccine news).

At 19:00GMT on Wednesday, the FOMC releases the result of its latest monetary policy decision; the FOMC release its latest monetary policy decision on Wednesday.Further upside has been seen in aftermarket trade after Tesla CEO Elon Musk tweaked “Gamestonk” and a link to the popular retail trader subreddit wallstreetbets; GameStop is up more than 30% in aftermarket trade.

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