- More record on Wall Street
- Are meme stocks back?
- Morrison pension trustees warn against bids
It’s a pretty flat though mildly positive start to trade in Europe again after a decent handover from Asia, whilst Wall Street again registered fresh all-time highs. The S&P 500 hit a record closing high, advancing 0.15 per cent for a fourth-straight day of gains, led again by a strong showing for energy stocks as oil rallied for a second day, whilst reopening stocks also did well. Big banks were the biggest drivers of the index gains as 10yr yields hit 1.3 per cent. There is still room for these names to go higher. The Nasdaq also broke intraday and closing highs, rallying 0.5 per cent. All looking like a low-volatility grind-up with the odd minor wobble gobbled up by dip-buyers, but valuations are stretched, and the indices are now roughly 10-11 per cent away from their 200-day moving averages.
Meme stocks are back! AMC surged 20 per cent and GameStop rallied 27 per cent on heavy volume as the frenzy made a comeback on Tuesday. Might just be to do with typically low liquidity in August leaving retail with an outsized influence.