Benchmarks Edge Higher While "Meme" Stock Craze Continues

The S&P 500 was just one point away from an intraday high earlier

Digital Content Manager
Jun 9, 2021 at 12:18 PM
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Stocks are modestly higher at midday, once again falling just short of seemingly elusive record highs. The Dow Jones Industrial Average (DJI) is up 32 points at last check, while the S&P 500 Index (SPX) is sporting small gains, though earlier it was just one point away from an intraday high. The Nasdaq Composite (IXIC) is slightly higher as well, following Big Tech's resurgence.

Elsewhere, investors are waiting for the next inflation reading, which will give them clues as to whether or not higher prices are just a temporary result of the recovering economy. Wall Street is also keeping an eye on the continued "meme" stock craze, with Clover Health (CLOV) now at the top of Reddit traders' list.

Continue reading for more on today's market, including: 

  • Why analysts turned bullish on Abercrombie & Fitch stock.
  • GameStop stock still climbing  ahead of this evening's earnings report.
  • Plus, WISH options pop after class action lawsuit; Reddit traders target AEMD; and UNFI dips on sales miss.

MMC Stats 0609

One stock seeing an unusual amount of options activity today is ContextLogic Inc (NASDAQ:WISH), last seen down 0.8% at $11.54. This negative price action came after law firm Levi & Korsinsky announced a class action lawsuit has begun on behalf of WISH shareholders, just a day after Reddit traders helped the security pop on the charts. So far, 244,000 calls and 51,000 puts have already exchanged hands, which is 24 times the intraday average. Most popular is the monthly June 15 call, followed by the 25 call in the same series, with positions being opened at both. WISH is coming off a June 7, all-time low of $7.52, and earlier in the session surged to the $15 level for the first time since late April. And while the equity has broken through overhead pressure at the 40-day moving, it remains down 37.4% year-to-date.

Near the top of the Nasdaq today is Aethlon Medical, Inc. (NASDAQ:AEMD). The equity is up 403.7% to trade at $11.13 at last check, after it became the latest "meme stock" to join the bunch. Before attracting the attention of Reddit traders, AEMD had been trading mostly sideways. Today's bull gap has helped the security hit a two-year high of $12.49, though, and set it on pace for its best day on record. In the past nine months, AEMD has added 688.3%.

Meanwhile, at the bottom of the New York Stock Exchange (NYSE) today is United Natural Foods Inc (NYSE:UNFI). The security is down 18% at $33.31 at last check, after it reported smaller-than-expected fiscal third-quarter sales, with profits per share nearly halving from a year earlier. Prior to today's bear gap, the security had just hit a June 2, three-year high of $42.40. Now, shares are slipping below the 60-day moving average, which had been a consistent source of support since January, containing multiple pullbacks. In the last six months, however, UNFI has added 104.1%.

UNFI 60 Day

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