With a half-hour left in Thursday’s regular trading session, all three major U.S. stock indexes were trading in the green. At the closing bell, all three had posted losses for the day. The S&P 500 and the Dow Jones industrials did put up new all-time intraday highs, but both ended up closing down 0.3% for the day. The Nasdaq dipped by 0.2%. Of the 11 market sectors, seven closed lower, led by tech (down 0.7%) and energy (down 0.6%). In premarket trading Friday, all three continue trading lower, but by small margins. There may yet be hope for a final upward move as this year’s Santa Claus rally concludes.
Crude oil traded down by about 1.6% Friday morning at around $75.75 a barrel, while Bitcoin traded up by about the same amount at around $48,000. The yield on 10-year Treasury notes had dropped by about two basis points since the prior close, while the two-year yield remained about steady. The spread remained roughly at 0.79%.
One of the hallmarks of a meme stock is the number of times it is mentioned on social media, particularly on Reddit’s r/wallstreetbets subgroup. It is probably no surprise that the most mentioned stock on WallStreetBets is GameStop Corp. (NYSE: GME). Researchers at Quiver Quantitative counted 350,000 mentions on the stock. Second in line is AMC Entertainment Holdings Inc. (NYSE: AMC) with 200,000 mentions, while BlackBerry Ltd. (NYSE: BB) was third with around 140,000. No other stock received at least 100,000 mentions. Invesco’s QQQ Trust, which tracks the Nasdaq 100 index, was about even with BlackBerry.
Other stocks in the top 10 for WallStreetBets mentions are Palantir, Tesla, Nokia, Clover Health, Apple and AMD.
We look at just one meme stock Friday morning because it is almost a holiday, even though markets are open all day. Tesla Inc. (NASDAQ: TSLA) issued recall notices on about 475,000 Model 3 and Model S sedans on Thursday.
More than 356,000 Model 3 vehicles manufactured between 2017 and 2020 have been recalled to fix a problem that may cause damage to the cable harness for the rear-view camera and prevent an image from being displayed on the car’s screen. About 119,000 Model S vehicles were recalled to fix a problem with the front hood latch that could cause the hood to open unexpectedly. Tesla has identified 2,305 warranty claims that may be associated with these issues but is not aware of any crashes, injuries or deaths related to them.
The stock closed down by about 1.5% on Thursday and traded up by less than 1% in Friday’s premarket.
For the year through Thursday’s close, AMC shares were up 1,160%, GameStop stock was up 701% and BlackBerry stock was up 40%. Tesla stock was up about 61% for the year to date.
24/7 Wall St.Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
