Wall Street experienced another notable day with the bulls driving the market upward, fueled by expectations of the Federal Reserve's rate cuts in September. The Dow Jones Industrial Average had its best session since late May, soaring by 1.85% to close at 40,954.48. Meanwhile, the S&P 500 saw a slight increase, ending the day up nearly 0.6% at 5,667.20. The Nasdaq also climbed, rising 0.2% to finish at 18,509.34.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
GameStop Corp (NYSE:GME)
GameStop shares closed the day with a 5.70% increase at $28.54, with an intraday high of $28.83 and a low of $27.37. The stock has been trending across various social sites as traders continue to discuss a potential repeat of the historic meme stock short squeeze of 2021.
Meta Platforms Inc. (NASDAQ:META)
Despite positive analyst coverage, Meta Platforms shares fell by 1.28% to close at $489.79. The stock hit a high of $503.95 and a low of $485.79 during the day. Wolfe Research initiated coverage on Meta Tuesday with an Outperform rating and a price target of $620.
Taiwan Semiconductor Manufacturing Co (NYSE:TSM)
Taiwan Semiconductor stock closed the day up 0.44% at $186.04, with an intraday high of $189.59 and a low of $185.02. The company's demand for AI chip production tools is driving ASML Holding's anticipated orders for the second quarter.
Bank Of America Corp (NYSE:BAC)
Bank of America shares rose by 5.35% to close at $44.13, with an intraday high of $44.4 and a low of $42.22. The bank reported fiscal 2024 second-quarter net income of $6.9 billion, beating estimates.
Tesla Inc (NASDAQ:TSLA)
Tesla shares increased by 1.55% to close at $256.56, with an intraday high of $258.62 and a low of $245.8. CEO Elon Musk confirmed that the robotaxi unveiling event has been delayed to deploy some design changes to the vehicle.