Meme stock king GameStop rallied over 30% on Tuesday as some retail investors came back fully force despite an otherwise quiet market.
The computer game retailer surged the maximum amount as 36.5% to $225 apiece in heavy trading volume. over 7 million shares have changed hands, over tripling its 30-day average, in keeping with FactSet.
Other meme stocks were also popping. Shares of AMC Entertainment jumped 21%. The movie chain was the foremost active stock on Fidelity’s trading platform as of 2:30 p.m. ET, consistent with the broker’s website. Clover Health climbed 10%. Bed Bath & Beyond rose over 4%.
Robinhood, which has also earned a meme stock status, advanced 9% Tuesday on no apparent news. Outside of the group favored by retail investors, the securities market appeared to be dull, with most investors eagerly awaiting a key Fed summit Thursday and Friday.
The S&P 500 inched up 0.3% in afternoon trading. Overall volume was light Tuesday with the SPDR S&P 500 ETF trading 24 million shares, a few third of its 30-day average, per FactSet. The Fed’s Jackson Hole symposium is anticipated to be market-moving, as central bankers could detail their plans for tapering monetary stimulus.
The Fed has started discussions to drag back its minimum $120 billion a month bond-buying program by the top of this year The short interest in these meme stocks remained elevated. About 28% of AMC’s float shares are sold short, compared with a mean of fifty short interest during a typical U.S. stock, per S3 Partners. For GameStop, the short interest has declined drastically, to about 10% from over 100% in January at the peak of the meme stock mania.