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In a market that’s gone quiet, meme stocks are back to provide investors with a daily source of entertainment.
With Memorial Day approaching and catalysts nowhere in sight, the overall market has ground to a halt. The S&P 500 has risen just 0.4% in May, while the Dow Jones Industrial Average is up a touch more than 1%. The Nasdaq is down 1%. What’s more, the indexes have been stuck in place—rising, falling, and ultimately going nowhere.
Enter the meme stocks. GameStop has jumped more than 30% this week, while AMC Entertainment has soared 62%. And other stocks, including Express and Koss, have joined the party. If watching the market has become akin to watching paint dry, the meme stocks are akin to blasting it with a flamethrower to see if it will dry faster.