Meme Stocks Are Back? | Mooving Update
Morning Mooers, the meme stock market screamed "We are so back" over the weekend, after Roaring Kitty, short squeezing enthusiast and financial influencer that helped inspire the original GameStop craze in 2021, finally tweeted again. Overnight $GameStop (GME.US)$ shot up 70%, and jumped 110% at open, hitting multiple circuit breakers.
Other meme stocks were flying as well on high volume.$Reddit (RDDT.US)$ climbed 8%, $AMC Entertainment (AMC.US)$ grew 14%. Here are you other morning moovers today.
I am home sick today, so we get another video of a tree
$Novavax (NVAX.US)$ climbed 20% after nearly doubling in price Friday following its earnings release where the firm announced a partnership with$Sanofi (SNY.US)$ to work on a new Covid drug.
The S&P 500's top gainer was $Incyte (INCY.US)$ that climbed 8% Shares after the biopharmaceutical company said it is purchasing billions of dollars worth of its own shares.
They are calling their $1.672 billion worth of stock sale as a "Dutch Auction," according to a press release on Monday.
$Walgreens Boots Alliance (WBA.US)$ also led the S&P, and was the highest gainer on the Nasdaq 100. A report found the company was contacting potential buyers for its subsidiary drug chain Boots.
The largest retailers will report earnigns the week, and investors can expect results from $Walmart (WMT.US)$, $Home Depot (HD.US)$, $JD.com (JD.US)$, and tractor manufacturer $Deere (DE.US)$.
In sectors, crude oil futures and gold/silver futures fell, while Bitcoin climbed.
As an overall market recap, shortly after 10:30 Am EST, the $S&P 500 Index (.SPX.US)$ climbed 0.09%, the $Dow Jones Industrial Average (.DJI.US)$ grew 0.9%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.25%. Overall, the market leaned green, with 7400 equities climbing and 3300 deckining.
This week, investors can expect macroeconomic data prints in the form of PPI on Tuesday, and CPI prints Wednesday. Multiple Federal Reserve Governors and FOMC members will speak, and investors will look for comments on rates and monetary policy. Jerome Powell will speak late Tuesday.
Weekly Jobless Claims came in high at 231k Thursday morning, with another weekly print this Thursday.
The$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$was 4.84, the$U.S. 10-Year Treasury Notes Yield (US10Y.BD)$was 4.47.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
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