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Monday, June 21, 2021

US stocks stumble into the long weekend, giving back most gains

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Meme stocks had a big turnaround

Meme stocks had a big turnaround

Shares of AMC went for a wild ride today in the latest meme stock mania. The company closed Thursday at $26.75 then soared to $36.72 at the open before turning around to finish 1.5% lower at $26.12.

Shares of GME finished 12.6% lower after opening 3% higher as well.

The selling in meme stocks and the overall market accelerated late ahead of the US month end and a long weekend that will keep markets closed through Monday.

On the day:

  • SPX up 3 points to 4204 (high of 4218) +0.1%
  • DJIA +0.2%
  • Nasdaq +0.1%
  • Russell 2000 -0.2%
  • Toronto TSX +0.4% (new record)

On the week:

  • SPX +1.2%
  • DJIA +0.9%
  • Nasdaq +2.0%
  • Russell 2000 +2.4%
  • Toronto TSX +1.6%

On the month:

  • SPX +0.6%
  • DJIA +1.9%
  • Nasdaq -1.5%
  • Russell 2000 +0.1%
  • Toronto TSX +4.1%

The chart of the Nasdaq above is an interesting one. The drama for the year certainly isn’t over because that’s eventually going to break in one direction or the other. Lately, it’s shown it can handle a bit of taper talk and that’s a positive.

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