GameStop stock (GME) fell as much as 15% during the video game retailer's annual shareholder meeting on Monday.

Chairman and CEO Ryan Cohen spoke briefly at the top of the highly anticipated gathering, emphasizing the company's focus on achieving profitability.

“With respect to retail operations we plan to continue reducing costs and focusing on profitability,” said Cohen.

“We are focused on building shareholder value over the long term. We are not here to make promises, or hype things up. We’re here to work,” he added.

GamesStop shares have been volatile over the past month amid the reemergence of retail trader Keith Gill, credited with sparking the meme frenzy of 2021.

GameStop has capitalized on recent rallies, raising over $3 billion in proceeds from stock offerings over the past month.

“Having a strong balance sheet especially in times of economic uncertainty is a strategic advantage,” Cohen said on Monday.

The shareholder meeting was postponed last week due to a high volume of people trying to listen in on the gathering.

The major averages were all higher on Monday with the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) touching fresh intraday highs.

The Dow Jones Industrial Average (^DJI) erased earlier losses to rise 0.3%.

Technology and Consumer Discretionary stocks outperformed as shares of Apple (APPL), Tesla (TSLA) and chipmaker Broadcom (AVGO) led the gains.

Oil future rose roughly 1% on Monday, building on last week's gains following a sell-off earlier this month.

On Monday, West Texas Intermediate (CL=F) was trading just over $79.50 per barrel, adding to a gain of roughly 4% last week.

Brent (BZ=F), the international benchmark price, hovered above $83.50 per barrel on Monday.

Futures pulled back earlier this month after oil alliance OPEC+ announced it would extend its production cuts into 2025 but some of its voluntary reductions would begin to phase out starting in October.

Prices ticked higher last week on expectations that summer demand for transportation and cooling would keep supply tight.

Goldman Sachs analysts recently forecast Brent crude prices will rise to $86 per barrel later this summer.

The major averages all turned green mid-morning.

The Nasdaq Composite (^IXIC) which had been positive most of the session, gained almost 0.2% while the S&P 500 (^GSPC) rose 0.1%. The Nasdaq and S&P 500 closed at record highs last week.

The Dow Jones Industrial Average (^DJI) erased earlier losses to rise above the flatline.

Nvidia (NVDA) hit new record highs on Monday, as the chip giant continued to lead the Nasdaq Composite (^IXIC) higher.

The stock gained almost 1% as the rest of the market was muted. Nvidia is up more than 170% year-to-date.

Nvidia has by far outperformed the rest of the ‘Magnificent Seven’ stocks and the Nasdaq 100 (^NDX) components.

Stocks were little changed on Monday to kick off a holiday-shortened trading week.

The Nasdaq Composite (^IXIC) gained almost 0.1% after the tech-heavy index notched five straight sessions of record closes last week.

The S&P 500 (^GSPC) fell 0.1% after also hitting record highs last week, while the Dow Jones Industrial Average (^DJI) lost about 0.4%.

The stock market has been inching higher despite investors' scaled-back expectations on rate cuts in 2024. The market now anticipates the Federal Reserve will cut rates just one time this year following the central bank's latest policy meeting last week.

Technology-related stocks continued to gain on Monday. Year to-date, the S&P 500's Information Technology Sector ETF (XLK) is up more than 18%, compared to the broader benchmark's 13% gain.