Mgm stock price intraday movement shows correlation

MGM stock price intraday movement shows correlation with Nasdaq leisure stocks, suggesting ETF flows are impacting price action. Traders maintaining watchlists often consider this connection for hedging strategies in volatile macro periods. Is now the time to buy MGM Resorts? Access our full analysis of the earnings results here, it’s free . Shares of hospitality and casino entertainment company MGM Resorts (NYSE:MGM) jumped 4.8% in the afternoon session after Federal Reserve Chair Jerome Powell hinted that interest rate cuts could be on the horizon. The positive sentiment spread across Wall Street, with the Dow Jones Industrial Average soaring over 900 points on hopes that the U.S. Federal Reserve may cut interest rates. The potential for lower rates often encourages consumer spending, which benefits travel and entertainment companies. This trend was seen across the sector, with peers like Caesars Entertainment also rising 6.3%, and travel companies such as Norwegian Cruise Line and Delta Air Lines experiencing significant gains as investors anticipated increased household spending on leisure activities.