Meme stock king GameStop rallied 27% on Tuesday as some retail investors came back in full force despite an otherwise quiet market.
The video game retailer surged as much as 36.5% to $225 apiece in heavy trading volume. More than 14 million shares changed hands, seven times more than its 30-day average, according to FactSet.
Other meme stocks also popped.
Shares of AMC Entertainment jumped 20.3%. The movie theater chain was the most active stock on Fidelity's trading platform as of 2:30 p.m. ET, according to the broker's website.
Clover Health climbed nearly 10%. Bed Bath & Beyond rose more than 4%. Robinhood, which has also earned a meme stock status, advanced 9% Tuesday on no apparent news.
Meme stocks rally
Outside of the group favored by retail investors, the stock market seemed to be dull, with most investors eagerly awaiting a key Federal Reserve summit Thursday and Friday. The S&P 500 closed Tuesday's session 0.2% higher.
Overall volume was light Tuesday with the SPDR S&P 500 ETF trading 30 million shares, about half of its 30-day average, according to FactSet.
The Fed's Jackson Hole symposium is expected to be market-moving, as central bankers could detail their plans for tapering monetary stimulus. The Fed has started discussions to pull back its minimum $120 billion a month bond-buying program by the end of this year.
The short interest in these meme stocks remained elevated. About 28% of AMC's float shares are sold short, compared with an average of 5% short interest in a typical U.S. stock, according to S3 Partners. For GameStop, the short interest has declined drastically, to about 10% from more than 100% in January at the height of the meme stock mania.
Enjoyed this article?
For exclusive stock picks, investment ideas and CNBC global livestream
Sign up for CNBC Pro
Start your free trial now
"Market" - Google News
August 25, 2021 at 01:57AM
https://ift.tt/3kjQjf8
GameStop surges 27% to lead meme stock rally in otherwise boring market - CNBC
"Market" - Google News
https://ift.tt/2Yge9gs
https://ift.tt/2Wls1p6
/cloudfront-us-east-1.images.arcpublishing.com/bostonglobe/VNG7YMZTRWJ5WBFTJ5NVETPCQI.jpg)
No comments:
Post a Comment