The major US stock indices are ending the session with mixed results.
- The Dow industrial average snaps its longest streak of 2024 at eight consecutive up days. The index closed down by -81.28 points or -0.21% at 39431.57.
- The S&P index also closed marginally lower by -1.28 points or -0.02% at 5221.41
- The NASDAQ index rose by 47.37 points or 0.29% at 16388.24.
The small-cap Russell 2008 out a small 2.34 point gain or 0.11% at 2062.12.
US yields are ending marginally lower.
- 2 year 4.863%, -0.5 basis points
- 5 year 4.503%, -1.4 basis points
- 10 year 4.484%, -2.0 basis points
- 30 year 4.626% -2.0 basis points
Meme stocks including AMC and GameStop took center stage after Roaring Kitty got the market in an uproar after tweeting for the first time in 3 year. Please say it isn’t so.
Already, it is being reported that someone bought enough out-of-the-money call options expiring on May 17 with a strike of $25 (the stock closed on Friday at $17.46) to take $27K to 2M. SMH
AMC shares rose 79.73% while GameStop rose 74.46%.