All three major equity indexes traded down by nearly 2% in the noon hour Tuesday, and all 11 sectors were lower as well. Communications services (down 2.8%) and energy (down 2.4%) were hit particularly hard. Crude oil traded at an intraday low of around $65.50 a barrel, down 6% since Monday’s settlement. Bitcoin traded down about 2.5% in the noon hour at $56,833, while 10-year Treasury yields were roughly flat with premarket levels at 1.44%.
Investors are worried by comments that current COVID-19 vaccines will have reduced effectiveness against the newly discovered Omicron strain of the virus and that developing, approving and producing a new vaccine could take months. s if that’s not enough to throw a chill into investors, Federal Reserve Chair Jerome Powell said Tuesday that it may be time to eliminate the word “transitory” regarding inflation risk.
Among the meme stocks on our watch list, a bare handful traded in the green, and just one has added more than a full percentage point. Molecular test maker Progenity Inc. (NASDAQ: PROG) had no specific news but traded up about 2.5% after a prolonged stretch of losses that had taken the stock down by about 38% after it announced an at-the-market sale of new stock last week.
Canoo Inc. (NASDAQ: GOEV) was the day’s biggest loser so far. The electric vehicle maker had no specific news. Social media comments generally conclude that Canoo has sprung a leak.
Shares of ContextLogic Inc. (NASDAQ: WISH) also were pummeled, but more than the pervasive ennui gets at least some of the blame. Google has said it will no longer display search results to the company’s e-commerce site in France. According to a report in Fortune, several of the country’s ministries asked for the ban and asked that ContextLogic’s app be deleted from app stores “because of serious and widespread product safety concerns.”
AMC Entertainment Holdings Inc. (NYSE: AMC) was also down sharply on no specific news. But any significant uptick in coronavirus infections could keep moviegoers home and out of the company’s theaters during the popular holiday season.
Aterian Inc. (NASDAQ: ATER), another small e-commerce retailer, was also down sharply on no specific news. A recent analysis of the company’s balance sheet revealed that the company can claim just $3.19 million in net cash. That raises the specter of further dilution, something current shareholders always hate.
GameStop Corp. (NYSE: GME) continued its two-week slide. There was no specific news for the company, but the stock has made no share price gain over the past 30 days, even though it was up by about 30% at one point during that period.
Progenity traded up about 3.1% to $3.22, in a 52-week range of $0.66 to $7.86. The average daily trading volume is around 80 million shares, and more than 42 million had traded thus far on Tuesday.
Shares of Canoo traded down by about 10%, at $11.60 in a 52-week range of $5.75 to $24.90. The average daily trading volume is about 5.7 million shares, and about 6.6 million had already traded on the day.
Aterian stock traded down more than 9%, at $4.72 in a 52-week range of $3.04 to $48.99. The average daily trading volume is about 26 million shares, and just over 2 million had traded.
AMC traded down about 8.2% to $33.81, in a 52-week range of $1.91 to $72.62. The average daily trading volume is about 48 million shares, and more than 26 million had traded.
GameStop shares traded down about 4.8% to $192.40, in a 52-week range of $12.14 to $483.00. The average daily trading volume is around 2.5 million shares, and about 1.2 million had already traded on Tuesday.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.