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S&P 500 in Sideways Action; Clover Health Rides Meme Wave Higher

Stock MarketsJun 08, 2021 01:36PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 traded sideways Tuesday as investors continue to keep their powder dry ahead of Thursday's inflation numbers, while Clover Health Investments became the latest stock to ride to meme wave higher.

The S&P 500 rose 0.01%, the Dow Jones Industrial Average was down 0.02%, or 5 points, and the Nasdaq Composite was up 0.20%.

Megacap tech, which is on a three-week winning streak, continued to add gains helped by weaker U.S. bond yields, but upside in the broader tech sector was kept in check by weakness in semiconductors stocks.

Google-parent Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Facebook (NASDAQ:FB) were mostly higher.

The move lower in yields comes ahead of the Thursday's consumer inflation report, which many on Wall Street expect to reflect pent-up demand from consumers awash with cash.  

Not everyone agrees.

Morgan Stanley (NYSE:MS) noted that there is too much hype on inflation spiraling out of the control the recent strength in the CPI have not been broad-based, and the strong reflation in the sectors that had experienced pandemic blues could likely fade.

"Consumer balance sheet strength cannot be taken for granted – there are already signs that consumers are balking at the idea of buying cars or furniture as prices rise," Morgan Stanley said in a note.

Energy was among the biggest sector gainers on the day, led by Diamondback Energy (NASDAQ:FANG), Exxon Mobil (NYSE:XOM) and Nov (NYSE:NOV).

Aircraft maker Boeing (NYSE:BA), a major Dow component, was marginally higher after delivering 17 planes in May including 10 737 MAX jets.

Biogen (NASDAQ:BIIB), meanwhile, was flat after surge a day earlier even as Wall Street analysts upgraded their outlook on the stock after the Food and Drug Administration approved the company’s Alzheimer’s drug on a conditional basis.

Biogen needs to complete a post marketing clinical trial to confirm the drug can improve cognition, the FDA said.

Oppenheimer upgraded its price target on the stock to $450 from $325 prior and maintained its outperform rating, citing expectations for an 80% probability of approval for the drug.

In the meme trade, Clover Health Investments (NASDAQ:CLOV) became the most mentioned stock on Reddit’s WallStreetBets forum on Tuesday, according to QuiverQuant, pushing its share price more than 70% higher.

AMC Entertainment (NYSE:AMC) was flat, while GameStop (NYSE:GME), BlackBerry (NYSE:BB), and Bed Bath & Beyond (NASDAQ:BBBY) traded mixed.

S&P 500 in Sideways Action; Clover Health Rides Meme Wave Higher
 

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Comments (8)
Mitchel Pioneer
Mitchel Pioneer Jun 08, 2021 4:16PM ET
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Another joke of a day in the US Ponzi Scheme, laughingstock of the financial world, as the house of cards is being propped indefinitely.
shaxawan shexbaqr
shaxawan shexbaqr Jun 08, 2021 2:53PM ET
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charles huges
charles huges Jun 08, 2021 2:38PM ET
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What is the point of the FTC if they cannot do anything about market manipulation. The meme stock people were just there to prove to the world the stock market is a joke, but I bet they never expected the FTC to be powerless about them and to still be at it to this day. Just proved their point correct.
Jouni Matero
Jouni Jun 08, 2021 2:38PM ET
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US stock market is one big joke these days. Rest of the world has learnt it now and a lot of ppl are moving to European and Asian markets because of US market is full of big money manipulation without any consequences to hedge funds and banks who manipulate prices including insider knowledge.
Norizan bin Ariffin Ariffin bin kasim
Norizan bin Ariffin Ariffin bin kasim Jun 08, 2021 2:04PM ET
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ready now
mike Darby
mike Darby Jun 08, 2021 2:03PM ET
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Clove just getting started. Will be more then 70% higher. Today
Mehmet Aksarayli
Mehmet Aksarayli Jun 08, 2021 2:03PM ET
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How do you know? What is your data? Or just a blind shot?
Rodrigo Chavez
Rodrigo Chavez Jun 08, 2021 2:03PM ET
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there's a bit of data with the underlying market - just watch the volumes - but overall im betting on it rising like other "meme" stocks
YouTube Account
YouTube Account Jun 08, 2021 2:01PM ET
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hahaha google balloons on fed monetary inflation and corporate investors say "good buy", but AMC/GME/Clover balloon on "fight the shorts" strategy and it's a meme. The meme analysts are real...
Kelvin Chua
Kelvin Chua Jun 08, 2021 1:53PM ET
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noted with thanks.
Umer Khan
Umer Khan Jun 08, 2021 1:49PM ET
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