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<ul class="summary-list"><li><keyword id="5301718" type="ORGANIZATION" weightage="60" keywordseo="senvest-management">Senvest Management</keyword> made $700 million on its <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">Gamestop</keyword> investment, <a href="https://www.wsj.com/articles/this-hedge-fund-made-700-million-on-gamestop-11612390687">The Wall Street Journal</a> reported.</li><li>The <keyword id="62375" type="ORGANIZATION" weightage="60" keywordseo="Hedge-fund">hedge fund</keyword> sold its 5% stake after <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-elon-musk-gamestonk-tweet-extends-trading-rally-2021-1-1030009065?r=ts-sub">Elon Musk tweeted</a> about the Reddit-fueled rally.</li><li><keyword id="10702739" type="UNKNOWN" weightage="60" keywordseo="senvest">Senvest</keyword>'s profit shows retail investors are far from the only <a href="https://www.businessinsider.com/winners-losers-gamestop-reddit-wallstreetbets-traders-wall-street-short-squeeze-2021-?r=ts-sub">winners of the market frenzy</a>.</li></ul>The Reddit-fueled market mania that sent <a href="https://www.businessinsider.com/category/gamestop">GameStop</a> and other heavily-shorted stocks soaring last month has often been described as a perfect example of retail investors sticking it to the <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> establishment.But not everyone on Wall Street was betting against GameStop.New York-based hedge fund Senvest Management started investing in GameStop before it caught fire with much of the r/WallStreetBets crowd, and by October 2020, it owned more than 5% of the company, <a href="https://www.wsj.com/articles/this-hedge-fund-made-700-million-on-gamestop-11612390687">The Wall Street Journal</a> reported Wednesday.Senvest paid under $10 for most of its shares, and after GameStop stock peaked at more than $400, the hedge fund walked away with a $700 million profit, one of the <a href="https://www.businessinsider.com/winners-losers-gamestop-reddit-wallstreetbets-traders-wall-street-short-squeeze-2021-1?r=ts-sub">biggest winners</a>, according to The Journal.By contrast, <keyword id="334157" type="COMPANY" weightage="60" keywordseo="Reddit">Reddit</keyword> user r/DeepF---ingValue, who has largely been credited with igniting the GameStop rally, claims to have made a <a href="https://markets.businessinsider.com/news/stocks/gamestop-investor-deepfuckingvalue-roaring-kitty-reddit-stocks-wall-street-2021-1-1030022004?r=ts-sub">$48 million profit</a>.Read more:<a href="https://www.businessinsider.com/stock-picks-to-buy-heavily-shorted-companies-overweights-wells-fargo-2021-1" target="_blank" rel="noopener"> Buy these 26 heavily shorted stocks as retail traders trigger wild rallies in Wall Street's least liked names, Wells Fargo says</a>While Senvest got in on GameStop after a compelling presentation by its new CEO George Sherman and the involvement of <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-investment-ryan-cohen-chewy-founder-1700-return-2021-1-103000086?r=ts-sub">investor and Chewy founder Ryan Cohen</a>, it got out because of a tweet fired off by <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>, The Journal reported.On January 26, after the market closed, Musk simply tweeted "<a href="https://twitter.com/elonmusk/status/1354174279894642703?s=20">Gamestonk!!</a>"Musk's tweet helped extend the short-squeeze, sending <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-price-elon-musk-gamestonk-tweet-extends-trading-rally-2021-1-103000906?r=ts-sub">GameStop's stock surging another 157%</a> when the market reopened the following morning."Given what was going on, it was hard to imagine it getting crazier," Senvest CEO and fund manager Robert Mashaal told The Journal.Many <a href="https://markets.businessinsider.com/news/stocks/here-are-the-hedge-fund-winners-and-losers-amid-januarys-gamestop-mania-2021-2-1030034341?r=ts-sub">hedge funds have been hit hard</a> by the recent market frenzy. But even GameStop short-seller Melvin Capital, one of the biggest losers with <a href="https://www.businessinsider.com/melvin-capital-lost-53-percent-january-after-gamestop-shares-skyrocketed-2021-1?r=ts-sub">losses of 53%</a> in January, eventually got a <a href="https://markets.businessinsider.com/news/stocks/steve-cohen-ken-griffin-invest-3-billion-gamestop-short-seller-2021-1-103000330?r=ts-sub">$2.8 billion bailout</a> from other <keyword id="116445" type="COMPANY" weightage="60" keywordseo="Hedge-funds">hedge funds</keyword>.Meanwhile, GameStop's stock had already dipped back down to around <a href="https://markets.businessinsider.com/news/stocks/gamestop-amc-reddit-day-traders-stock-market-volatility-hold-line-2021-2-1030038974?r=ts-sub">$92 on Wednesday</a>, and reports are emerging of retail investors who bought in late and have already <a href="https://www.businessinsider.com/barstool-sports-dave-portnoy-lost-money-gamestop-rally-2021-?r=ts-sub">lost massive sums</a>. Read more: <a href="https://www.businessinsider.com/chart-elon-musk-twitter-biggest-wealth-creator-gamestop-bitcoin-signal-2021-2?r=ts-sub">One chart shows how Elon Musk can create a huge amount of wealth with just his Twitter</a>

A hedge fund made $700 million on its GameStop investment before bailing after Elon Musk's 'Gamestonk' tweet

<ul class="summary-list"><li>New York-based <keyword id="5301718" type="General" weightage="60" keywordseo="senvest-management" source="Orion">Senvest Management</keyword>, a <keyword id="62375" type="General" weightage="60" keywordseo="hedge-fund" source="Orion">hedge fund</keyword> that made $700 million on <keyword id="363661" type="General" weightage="60" keywordseo="gamestop" source="Orion">GameStop</keyword>, is now chasing unloved <keyword id="6357014" type="General" weightage="60" keywordseo="energy" source="Orion">energy</keyword> stocks.</li><li>There's a "very solid outlook" for <keyword id="43177" type="General" weightage="60" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> stocks for another year or two, <keyword id="10702739" type="General" weightage="60" keywordseo="senvest" source="Orion">Senvest</keyword>'s co-CIO told the FT.</li></ul>One hedge fund that managed to walk away with a $700 million profit on its <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> investment is now targeting beaten-down oil and gas stocks and says sustainability-focussed investors are missing the opportunity here. New York-based hedge fund Senvest Management bet on GameStop even before the Reddit-fueled mania sent its stock soaring, and pocketed one of the <a href="https://www.businessinsider.com/elon-musk-gamestop-tweet-senvest-hedge-fund-700-million-profit-2021-2?r=US&amp;IR=T">great fortunes from the market frenzy</a>. Richard Mashaal, co-chief investment officer of Senvest, recently told the <a href="https://www.ft.com/content/27fed2a8-7a3e-4cd6-81e5-04e20eb337ec">Financial Times</a> that he now has a quarter of his portfolio in fossil fuel stocks. The hedge fund's interest highlights an investment push into secure sources of energy that are less vulnerable to geopolitical risks. "The result of the <keyword id="77363" type="General" weightage="60" keywordseo="esg" source="Orion">ESG</keyword> movement is that there's been massive multiple compression [in oil and gas stocks] and we still haven't come back from that," Mashaal told the FT, adding that many oil and gas companies had felt they wouldn't have access to investment capital. "Now there are other countervailing interests, such as the security of energy supply, that have come to the fore and which are not going to go [away] anytime soon," he said. Senvest's interest in GameStop was stirred by a convincing presentation from then-CEO George Sherman, but it decided to exit its position after Elon Musk's <a href="https://twitter.com/elonmusk/status/1354174279894642703?lang=en">"Gamestonk" tweet</a> that helped extend the short squeeze, the <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fthis-hedge-fund-made-700-million-on-gamestop-11612390687">Wall Street Journal</a> reported. Now Mashaal believes an increase in funding is required for the traditional energy sector to set right years of under-investment, the FT said. "You've got a couple of years before a meaningful production response can be mounted to satisfy demand. There's a very solid outlook [for oil and gas stocks] for another year or two," he said. Two of Senvest's biggest positions are in Canadian energy firms <a href="https://markets.businessinsider.com/stocks/prmrf-stock">Paramount Resources</a> and <a href="https://markets.businessinsider.com/stocks/aetuf-stock">Arc Resources</a>, which Mashaal said are trading below the market value of their US peers. Both stocks are trading at roughly half their record prices, hit in 2014 and 2008 respectively. Oil prices have hit 14-year highs above $100 a barrel on tough sanctions imposed against major producer Russia over its war in Ukraine. French commodities trader Pierre Andurand has predicted <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-200-ukraine-war-russia-supply-pierre-andurand-2022-3">prices could hit $200</a>, twice the current level, as Russian crude vanishes from the market. <keyword id="116445" type="General" weightage="60" keywordseo="hedge-funds" source="Orion">Hedge funds</keyword> based in the US and UK were already buying unloved oil and gas stocks discarded by ESG-focused investors, and reaped gains as energy prices rose, the FT <a href="https://12ft.io/proxy?ref=&amp;q=https://www.ft.com/content/ed11c971-be02-47dc-875b-90762b35080e">reported</a> in October. "There's a lot of room for multiple expansion [in these stocks]," Mashaal said, and added that high oil prices haven't been fully accounted for in share prices. "People realize this is not going away in the short or medium term. It's not like ESG goes away, but we [now] need to balance it with energy security and where you want to buy your oil from," he said. Senvest didn't immediately respond to Insider's request for comment. Read More: <a href="https://www.businessinsider.com/stocks-to-buy-inflation-q1-earnings-morgan-stanley-mike-wilson-2022-4">Morgan Stanley reveals which 4 sectors have historically done best as high inflation peaks — and 7 top stock picks within them to buy as earnings season begins</a>

A hedge fund that made $700 million on its GameStop bet is now after unloved oil and gas stocks

<ul class="summary-list"><li><keyword id="117850" type="COMPANY" weightage="60" keywordseo="Fidelity-Investments">Fidelity Investments</keyword> sold all but 87 shares of its <keyword id="363661" type="COMPANY" weightage="60" keywordseo="GameStop">GameStop</keyword> holdings in January, according to SEC filings.</li><li>Fidelity was once the largest shareholder in the video game retailers owning 13% of the company.</li><li>The company wasn't the only institutional investor to cash in on the stock as the price surged.</li><li>Senvest Management also racked up nearly $700 million in profits on the trade, the Wall Street Journal <a href="https://www.wsj.com/articles/fidelity-cashes-in-most-of-gamestop-stake-11612980430?mod=itp_wsj&amp;ru=yahooahoo">reported</a>.</li></ul><a href="https://www.businessinsider.com/personal-finance/fidelity-investments-review">Fidelity Investments</a> cashed in its <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> shares amid the stock's meteoric rise in January. The company sold all but 87 shares according to regulatory filings posted on Jan. 29.Fidelity had been the largest shareholder in GameStop at one time, owning 9.3 million shares, or 13% of the company, as of Dec. 31.Shares of the video game retailer went on a run in January after the company became the target of traders on <keyword id="334157" type="COMPANY" weightage="60" keywordseo="Reddit">Reddit</keyword>'s <keyword id="9346197" type="UNKNOWN" weightage="60" keywordseo="wallstreetbets">WallStreetBets</keyword> forum seeking to initiate a <a href="https://www.businessinsider.com/what-is-a-short-squeeze">short-squeeze</a> on heavily shorted stocks.What began as a way for a group of traders to turn a profit quickly turned into a full-blown <a href="https://www.businessinsider.com/gamestop-wallstreetbets-reddit-trader-mania-populist-movement-occupy-wall-street-2021-1">populist movement</a> that saw retail traders on Reddit pitted against short-bias hedge funds like Melvin Capital.Read more: <a href="https://www.businessinsider.com/stock-market-bubble-bitcoin-investment-strategy-speculative-market-crypto-ruffer-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener noreferrer">A Ruffer portfolio manager invested a portion of his $4.8 billion fund in Bitcoin. Here's what swayed him to bet on crypto - and the 2 other ways he's hedging against worrying speculative bubbles</a>For a time, the Redditors had institutional investors by the collar as <keyword id="10591892" type="UNKNOWN" weightage="60" keywordseo="gamestop-stock">GameStop stock</keyword> jumped more than 1,900%, from early January prices to a closing price of over $340 per share on Jan. 27.Then brokerages <a href="https://www.businessinsider.com/robinhood-raises-trading-limits-gamestop-amc-koss-nokia-express-naked-2021-2">stepped in and halted buying</a> in the popular stock, and ever since retail traders have been on the retreat. GameStop shares traded at around $50 per share on Thursday.It wasn't just retail traders who profited off GameStop's rise. Institutional funds like Senvest Management also got in on the action, <a href="https://www.businessinsider.com/elon-musk-gamestop-tweet-senvest-hedge-fund-700-million-profit-2021-2">racking up nearly $700 million in profits</a> in the name.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-pandemic-social-distancing-leisure-spending-bofa-2021-2?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Bank of America shares 9 stocks to buy as the pandemic prompts consumers to shift their spending habits towards 'solitary leisure' activities like golf and biking</a>Nearly all of Fidelity's holdings were in two mutual funds, the <a href="https://markets.businessinsider.com/funds/data/fidelity-low-priced-stock-fund-us3163453059">Fidelity Low-Priced Stock Fund</a> and the <a href="https://markets.businessinsider.com/funds/data/fidelity-series-intrinsic-opportunities-fund-us3163458751">Fidelity Series Intrinsic Opportunities Fund</a>, both of which are run by Joel Tillinghast.However, those positions don't account for the holdings of Fidelity's sister company, Geode Capital, that manages all of Fidelity's stock-index investments.Tillinghast shared his reasoning behind owning smaller retail companies last year before the GameStop saga."If there is a vaccine for Covid-19, and smaller-cap companies, such as retailers and apparel companies, transition successfully to an optimal business model of both e-commerce and brick-and-mortar stores, it's possible that many undervalued smaller-cap companies demonstrate exceptional earnings growth," Tillinghast said, per WSJ.Although Tillinghast's theories didn't come true, his funds were still able to capitalize on their GameStop investments. GameStop traded down 3.81%, at $49.25, as of 1:38PM EST on Thursday.

GameStop's top investor during the wild Reddit-fueled trading frenzy has dumped nearly all of its stake

<ul class="summary-list"><li><keyword id="10958888" type="UNKNOWN" weightage="60" keywordseo="Rockley-Photonics">Rockley Photonics</keyword> will merge with the <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> known as <keyword id="10958989" type="UNKNOWN" weightage="60" keywordseo="sc-health-corp-">SC Health Corp.</keyword></li><li>The deal will give the combined company a pro forma enterprise value of $1.2 billion.</li><li>Rockley Photonics produces "clinic on the wrist" technology for non-invasive health monitoring.</li></ul>Rockley Photonics is set to merge with the SPAC SC Health Corp. in a deal that will give the combined company a pro forma enterprise value of $1.2 billion.The <keyword id="42411" type="PERSON" weightage="60" keywordseo="Merger">merger</keyword> transaction will produce $323 million of gross proceeds for the combined entity and includes a fully committed $150 million PIPE. The PIPE is backed by institutional investors like Senvest Management and UBS O'Connor along with the medical device company Medtronic.Post merger, the combined company will trade on the New York Stock Exchange under the symbol "<keyword id="10958990" type="UNKNOWN" weightage="60" keywordseo="rkly">RKLY</keyword>." Existing Rockley shareholders will roll 100% of their equity into the combined company and the transaction is expected to close in the second quarter of 2021 after regulatory approval.Rockley Photonics was founded in 2013 by Dr. Andrew Rickman, the founder of the first commercial silicon photonics company, Bookham Technology. Since then, the company has become a leading global supplier of integrated silicon photonic chips and modules.Rockley produces what it calls <a href="https://rockleyphotonics.com/applications/">"clinic-on-the-wrist"</a> sensing technology that allows for non-invasive health and wellness monitoring of biomarkers like glucose, hydration, blood pressure, and more.Dr. Andrew Rickman, Rockley's founder and now CEO - who will remain as CEO and chairman after the deal- commented on the merger:"Our partnership with SC Health positions us to accelerate our time-to-market for our compelling health and wellness solutions," he said. "Our proven sensor technology, world-class partners and a relentless focus on execution will enable Rockley to deliver life-changing benefits to an enormous number of people."Rickman continued: "We believe that bringing laboratory diagnostics to the wrist will transform patient monitoring, healthcare delivery, and overall consumer health and wellbeing."

Rockley Photonics is set to merge with the SPAC SC Health Corp. in a $1.2 billion deal

<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a><a href="http://newsletter.businessinsider.com/join/4np/insider-investing" target="_blank" rel="noopener">Sign up here for Insider Investing</a>, our weekly <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> analysis newsletter full of stock picks and investing advice.1. US futures edge higher after stellar start to February. <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-us-futures-rise-as-economic-picture-brightens-2021-2-1030042595">See what markets are doing today</a>. 2. Mohamed El-Erian says the Reddit war has all the elements of the Arab Spring. Inequality of wealth, income, and opportunity were the <a href="https://markets.businessinsider.com/news/stocks/mohamed-el-erian-reddit-war-wall-street-elements-arab-spring-2021-2-1030042395">main reasons behind retail investor anger</a>.3. A hedge fund made $700 million on GameStop. New York-based <a href="https://www.businessinsider.com/elon-musk-gamestop-tweet-senvest-hedge-fund-700-million-profit-2021-2">Senvest Management sold its 5% stake</a> after Elon Musk tweeted about the Reddit-fueled rally.4. Deutsche Bank posted its first annual profit since 2014. The German lender's <a href="https://markets.businessinsider.com/news/stocks/deutsche-bank-posts-first-annual-profit-since-2014-after-trading-boom-2021-2-1030042324">net revenue climbed 2% to 5.45 billion euros</a> ($6.5 billion) in the fourth quarter.5. US debt could swell further as COVID-19 drives lasting uncertainty. The Treasury Department said the <a href="https://www.businessinsider.com/us-debt-pile-borrowing-coronavirus-uncertainty-stimulus-bill-treasury-department-2021-2">pandemic continues to cloud its future borrowing needs</a>.6. <a href="https://markets.businessinsider.com/earnings-calendar#date=02/04/2021&amp;name=&amp;countries=&amp;eventtypes=103,99&amp;tab=L103,99&amp;tab=L">Earnings expected</a>. Merck, T-Mobile, Shell, and Snap are highlights.7. <a href="https://markets.businessinsider.com/economic-calendar">On the data docket</a>. Jobless claims, the EIA natural gas storage change, and the US 4-week bill auction are due.8. We spoke exclusively with famed short-seller Carson Block. He told us that a <a href="https://www.businessinsider.com/stock-market-in-new-liquidity-bubble-carson-block-gamified-trading-2021-2?r=opening-bell" target="_blank" rel="noopener">new type of liquidity bubble is feeding the wild swings</a> in day-trading favorites like GameStop - and warned that stocks have become a fragile 'game.'9. Biden's stimulus plan is heightening Wall Street's worries that inflation will upend the stock market. We <a href="https://www.businessinsider.com/stock-market-outlook-inflation-how-to-position-what-to-expect-2021-2?r=opening-bell" target="_blank" rel="noopener">spoke to 4 experts on what the raging debate means for investors</a>, and how to take advantage of it.10. Morgan Stanley explains why the frenzied day trading in GameStop, AMC, and other stocks is not proof of a full-blown bubble. The firm also shares its <a href="https://www.businessinsider.com/stock-market-investing-analysis-gamestop-reddit-bubble-correction-morgan-stanley-2021-2?r=opening-bell" target="_blank" rel="noopener">advice for navigating a short-term correction</a>.

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Spotify is now worth more than $8.5 billion following a massive $526 million funding round, <a href="http://blogs.wsj.com/digits/2015/06/10/spotify-raises-526-million-amid-battle-with-apple/">The Wall Street Journal reports</a>. The funding round comes as Spotify gears up to face a considerable new threat - the launch of Apple's new music streaming service, Apple Music.The new funding round, coming just days after the formal announcement of Apple Music, will help bolster Spotify's defences against Apple's coming onslaught.There were reports that the company was raising funds, likely at a valuation of more than $8 billion - but the final total is higher than <a href="http://uk.businessinsider.com/report-spotify-is-worth-8-billion-2015-5">previously anticipated</a>.The round was reportedly closed on Tuesday, and now brings the total invested in Spotify up to more than $1 billion. The streaming service now has 23 investors, including Coca-Cola, Goldman Sachs Group, and Kleiner Perkins Caulfield and Byers. Launched in Sweden in 2008, Spotify is considered the industry leader, with a valuation (following this most recent round) twice that of internet radio competitor Pandora. It boasts 60 million users, of which 15 million are paid subscribers (the rest use a free, ad-supported model). But Apple is throwing its vast weight behind its new service, announced at its WWDC developer conference on Monday, and reportedly hopes to net 100 million paid users. Here's the full list of investors, <a href="http://tech.eu/brief/teliasonera-spotify-funding/">via a report in Tech.eu</a>:<ul><li>Abu Dhabi Investment Council</li><li>Accel Partners</li><li>Baillie Gifford</li><li>Coca-Cola</li><li>Creandum</li><li>D.E Shaw</li><li>Digital Sky Technologies</li><li>Discovery Capital Management</li><li>Fidelity Investments</li><li>Founders Fund</li><li>Goldman Sachs Group</li><li>GSV Capital</li><li>Halcyon Asset Management</li><li>Kleiner Perkins Caulfield and Byers</li><li>Landsdowne Partners</li><li>Li Ka Shing Foundation</li><li>Northzone Ventures</li><li>Rinkelberg Capital</li><li>Senvest Capital</li><li>Technology Crossover Ventures</li><li>P.Schoenfeld Asset Management</li><li>TeliaSonera</li><li>Wellington Partners</li></ul>Here's how Ek initially responded to the launch of Apple Music is a now-deleted tweet:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>This is a developing story, check back for updates. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/apple-watch-drop-test-2015-4">Here's what happens when you drop an Apple Watch face down on cement</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="91amNydDp_pZTzYqJEZwyhFbtRDgzN2O" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Spotify raises half a billion dollars to go to war with Apple

Happy Wednesday, readers. Let's talk lumber. After a huge rally during the pandemic, the commodity is coming back down to earth. Here we go.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/commodities/lumber-prices-fall-mortgage-rates-interest-spike-inflation-renovations-2022-4"></a>1. Mortgage rates and inflation are crushing lumber demand. Prices for lumber fell more than 6% Tuesday, <a href="https://markets.businessinsider.com/news/commodities/lumber-prices-fall-mortgage-rates-interest-spike-inflation-renovations-2022-4">notching a new low for 2022</a>. Demand in the housing market has cooled amid historic inflation and rising interest rates.The building commodity has suffered while the 30-year fixed mortgage rate has surged above the 5% level. <a href="https://markets.businessinsider.com/news/commodities/lumber-prices-fall-mortgage-rates-interest-spike-inflation-renovations-2022-4">Buying a home is less affordable now</a> — and it's led to a precipitous 40% decline in year-over-year mortgage applications as consumers wait for home prices to deflate. Heat coming out of the housing market means homebuilder activity is also coming down, putting downward pressure on the price of building materials like lumber. Inflation at 40-year highs, meanwhile, means people aren't springing for home improvement projects the way the had during the pandemic, further impacting lumber demand.Finally, capacity improvements in railroad availability, especially in western regions, have helped untangle a <a href="https://markets.businessinsider.com/news/commodities/lumber-prices-fall-mortgage-rates-interest-spike-inflation-renovations-2022-4">supply chain bottleneck</a> that the lumber market had to navigate in 2021, further easing pricing pressures.Lumber prices are down 39% from their March high of $1,357 per thousand board feet, and are down 52% from its May 2021 peak of over $1,700. <a href="https://www.businessinsider.com/stocks-to-buy-inflation-q1-earnings-morgan-stanley-mike-wilson-2022-4"></a><div type="image" title="A photo of stock traders reacting to a sharp decline in the market." height="600" width="1200" msid="90822207" hostid="261"></div>In other news:2. US stock futures have bounced back this morning. Analysts say there's cause for optimism in yesterday's consumer inflation data, even as crude oil tops $100 a barrel. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-inflation-data-oil-price-putin-russia-war-2022-4">Here's what's happening on the markets.</a>3. Earnings on deck: JPMorgan, Delta Airlines, Bed Bath &amp; Beyond, BlackRock, and First Republic Bank, <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>.4. Morgan Stanley revealed which sectors have historically done best as high inflation peaks. Strategy chief Mike Wilson shared which four sectors he's eyeing as earnings season arrives — <a href="https://www.businessinsider.com/stocks-to-buy-inflation-q1-earnings-morgan-stanley-mike-wilson-2022-4">and named seven stock picks for investors to consider right now.</a>5. "Big Short" investor Michael Burry warned US stocks are heavily overvalued and poised to tumble. The Scion Asset Management boss highlighted the price-to-sales ratio of the S&amp;P 500 equal-weight index, which has nearly doubled in the past decade — <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-stock-market-bubble-crash-valuation-multiple-2022-4">and Burry is no stranger to calling epic crashes. </a>6. "King Dollar" isn't in danger of losing supremacy to the yuan or cryptocurrencies, according to a chief economist. Harvard fellow Megan Greene wrote that the dollar's trading dominance makes other currencies unlikely to supplant it as the preferred means of transacting. <a href="https://markets.businessinsider.com/news/currencies/dollar-yuan-dominance-crypto-no-danger-losing-supremacy-trading-2022-4">"The reality is the dollar can't be avoided."</a>7. A hedge fund that made $700 million on its GameStop bet is now chasing down unloved oil and gas stocks. Senvest Management is anticipating strong gains in the energy sector —<a href="https://markets.businessinsider.com/news/commodities/gamestop-memestocks-oil-gas-energy-stocks-hedge-fund-strategy-senvest-2022-4"> see which companies make up its two biggest positions.</a>8. This wealth manager runs one of the largest and best-rated firms in the US. He broke down how he's advising clients on the state of the housing sector today, and what they should own. <a href="https://www.businessinsider.com/housing-market-investing-advice-wealth-manager-peter-mallouk-2022-4">Plus, he shared his prediction for when the market will cool off.</a>9. Four industry pros weighed in on the benefits of building positions in crypto for long-term retirement accounts. Those who use a tax-advantaged account to invest in crypto could see exponential growth as early adopters, said one expert. <a href="https://www.businessinsider.com/crypto-investing-retirement-industry-experts-pros-cons-should-i-buy-2022-4">But there's still a chance that the digital tokens remain a long-shot bet. </a><a href="https://www.businessinsider.com/inflation-cpi-march-price-growth-report-gas-food-costs-climbing-2022-4?inline-endstory-related-recommendations="></a><div type="image" title="CPI" height="940" width="1240" msid="90822211" hostid="261"></div>10. In March, inflation surged to its fastest rate since 1981. Food and energy prices skyrocketed, and the CPI hit 8.5%. The Russia-Ukraine conflict has boosted inflation by lifting prices for gas and other key commodities. <a href="https://www.businessinsider.com/inflation-cpi-march-price-growth-report-gas-food-costs-climbing-2022-4?inline-endstory-related-recommendations=">Dig into the data here.</a>Keep up with the latest <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here</a>.Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.)

10 things before the opening bell

<ul class="summary-list"><li>Elon Musk has the power to move <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> with a single tweet to his 45 million followers.</li><li>He cheered on the GameStop rally and has sent investors piling into obscure companies.</li><li>Over the last two weeks, he helped send Dogecoin as much as 60% higher and boosted Bitcoin.</li></ul>Move over Warren Buffet, a new market sage has the ear of investors. At least, investors interested in buying joke cryptocurrencies.That's right: Elon Musk. A tweet to his 45 million Twitter followers sent "meme" cryptocurrency <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-twitter-cryptocurrency-market-trading-reddit-doge-2021-2-1030043774?utm_source=markets&amp;utm_medium=ingestgest">Dogecoin soaring</a> on Thursday.The Tesla boss and SpaceX founder was a vocal supporter of the Reddit crowd during the <a href="https://www.businessinsider.com/reddit-day-traders-wallstreetbets-gamestop-gme-rally-upending-stock-market-2021-1">GameStop saga</a>, and one word of his can send investors piling into a company's stock.Where does Musk's market-moving power come from? He is a deeply attractive figure to many amateur investors, who see him as a genius maverick whose electric-car company Tesla has <a href="https://www.businessinsider.com/chamath-palihapitiya-gamestops-rally-is-like-teslas-surge-wall-street-2021-1">defied Wall Street naysayers</a>.On top of that, people can trade the savings they've built up during lockdown on commission-free apps such as Robinhood. So why not follow where Musk leads?Neil Wilson, chief market analyst at UK trading platform Markets.com, told Insider he thinks it's "worrying in some ways that people's financial interests are at the whim of his tweets - but it's up to them if they want to be in those assets."Read more: <a href="https://www.businessinsider.com/short-selling-strategy-hedge-fund-manager-shares-stocks-buying-now-2021-2" target="_blank" rel="noopener">A hedge fund manager who wrote a definitive book on short-selling breaks down how his strategy helped him evade the squeeze on GameStop - and shares what types of stocks he's buying and shorting now</a>Good or bad, investors are increasingly aware of Musk's tweets. Here are 6 times he's moved markets.1. Elon Musk sent Dogecoin soaring 60% in minutes with a tweetOn Thursday, cryptocurrency <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-elon-musk-twitter-cryptocurrency-market-trading-reddit-doge-2021-2-1030043774?utm_source=markets&amp;utm_medium=ingestgest">Dogecoin soared</a> as much as 59% in moments.Why? Because Elon Musk returned to Twitter after a two-day absence to post a picture based on the movie Lion King which <a href="https://twitter.com/elonmusk/status/1357236825589432322?s=20">showed him holding up Doge</a>, the <a href="https://knowyourmeme.com/memes/doge">meme Shiba Inu</a> dog upon which Dogecoin is based.The digital currency touched as high as $0.0579 on Thursday, although this was some way from the all-time high of $0.0792 reached in January. As of Friday morning, Dogecoin was down around 11% to $0.0457.2. Musk helped power the GameStop frenzyOne of Musk's most high-profile interventions in the markets came at the end of January, when he waded into the day-trading frenzy that sent GameStop shares soaring and <a href="https://www.businessinsider.com/gamestop-saga-triggers-rethink-wall-street-short-seller-losses-2021-1">battered hedge funds</a>.On January 26 after markets closed, and as interest in GameStop shares picked up among day traders on social network website Reddit, Musk simply <a href="https://twitter.com/elonmusk/status/1354174279894642703?s=20">tweeted "Gamestonk!!"</a> with a link to the Reddit forum Wall Street Bets.The next day, GameStop's shares <a href="https://www.businessinsider.com/gamestop-stock-price-elon-musk-gamestonk-tweet-extends-trading-rally-2021-1">rocketed as much as 157%</a> and closed 135% higher, with Wall Street Bets members widely discussing Musk's tweet. <a href="https://www.businessinsider.com/gamestop-shares-tumble-from-record-high-reddit-trade-wallstreetbets-2021-2">GameStop tumbled</a> a week later, however, to $70.15 on Friday.The Wall Street Journal <a href="https://www.wsj.com/articles/this-hedge-fund-made-700-million-on-gamestop-11612390687">reported</a> that one hedge fund who had bet on GameStop decided to get out after Musk's tweet. Senvest Management ended up making $700 million.Read more: <a href="https://www.businessinsider.com/stock-market-crash-expert-40-percent-drop-coming-bill-smead-2021-2" target="_blank" rel="noopener">'Everything's turned completely upside down': A 41-year market vet breaks down why we're hurtling toward a 40% crash as rampant speculation reaches dangerous heights - and says the market is due for 5-10 years of negative returns</a>3. The Tesla chief sent investors piling into the wrong SignalOne of the more bizarre examples of Musk's market-moving power saw investors pile into a firm called Signal after the SpaceX boss tweeted about it. The only problem was, it was the wrong Signal.Shares of Signal Advance, a small medical technology company, <a href="https://www.businessinsider.com/signal-advance-stock-price-surge-elon-musk-tweet-privacy-app-2021-1">soared more than 11,000%</a> to as high as $70.85 from $0.60 before Musk's tweet.Investors seemed to have confused Signal Advance with the encrypted messaging platform that Musk praised in a <a href="https://twitter.com/elonmusk/status/1347165127036977153?s=20">two-word message</a>: "Use Signal."<div type="image" title="GettyImages 1299388500" height="2000" width="4000" msid="80723173" hostid="261"></div>4. He caused Bitcoin to spike with a hashtagBitcoin is a big market, with a capitalization of more than $600 billion. But Musk sent the price of each coin soaring <a href="https://www.businessinsider.com/bitcoin-price-billionaire-elon-musk-changes-twitter-bio-to-bitcoin-2021-1">more than 15%</a> at the end of January by simply adding the word "#bitcoin" to his Twitter profile.The <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin price</a> spiked to as high as $38,406 on January 29, having spent most of the week in a range between $31,000 and $33,000.Edward Moya, senior market analyst at currency platform Oanda, said in an note: "Bitcoin got lost in the GameStop mania and Musk's tweet brought cryptos back into the limelight."Bitcoin was up around 3% on Friday morning to $38,103.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-recommendations-cannabis-evs-gambling-biden-sparrow-2021-2" target="_blank" rel="noopener noreferrer">A fund manager who's beaten 97% of his peers over the past 5 years shares 6 of the stocks he's most bullish on as Biden takes a friendlier stance toward cannabis and electric vehicles</a>5. Arts-and-craft retailer Etsy got caught up in the Musk effectEtsy's shares jumped as much as 8% on January 26, although they closed lower.What was behind the spike? Why, Elon Musk <a href="https://markets.businessinsider.com/news/stocks/etsy-stock-price-elon-musk-says-kinda-loves-company-marketplace-2021-1-1030003607">saying he had bought</a> a "hand knit wool Marvin the Martian" helmet for his dog, of course.His satisfaction with his purchase caused the Tesla chief <a href="https://twitter.com/elonmusk/status/1354027651468550144?s=20">to tweet</a> "I kinda love Etsy" and for the company's share price to promptly rally in early trading.6. Musk's techno tweet boosts obscure gold minerIt's perhaps the strangest of Musk's market-moving moments. In his return to Twitter last week, <a href="https://twitter.com/elonmusk/status/1357261308152975361?s=20">he said</a> "Sandstorm is a masterpiece", likely referring to the hit 2000 song by Darude.Day traders went searching for meaning in the stock market, sending shares in Sandstorm Gold - a $1.3 billion Canadian gold miner - <a href="https://www.businessinsider.com/sandstorm-gold-stock-elon-musk-praises-techno-song-similar-name-2021-2">soaring as much as 55%</a> in pre-market trading.The rally was short-lived, however, with the stock down 1% just before normal trading opened.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-economic-recovery-covid-response-improvement-bofa-2021-2" target="_blank" rel="noopener">Bank of America says buy these 17 under-owned stocks that are set to benefit from a faster economic recovery and improved COVID response</a>

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A hedge fund made $700 million on its GameStop investment before bailing after Elon Musk's 'Gamestonk' tweet

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A hedge fund that made $700 million on its GameStop bet is now after unloved oil and gas stocks

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GameStop's top investor during the wild Reddit-fueled trading frenzy has dumped nearly all of its stake

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Rockley Photonics is set to merge with the SPAC SC Health Corp. in a $1.2 billion deal

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10 things you need to know before the opening bell

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Spotify raises half a billion dollars to go to war with Apple

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10 things before the opening bell

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Elon Musk sent Dogecoin soaring last week. Here are 6 times the Tesla boss has moved markets, from GameStop to Sandstorm

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