U.S. markets close in 2 hours 23 minutes
  • S&P 500

    -1.61 (-0.04%)
  • Dow 30

    -19.48 (-0.06%)
  • Nasdaq

    -36.70 (-0.24%)
  • Russell 2000

    -2.12 (-0.09%)
  • Crude Oil

    +0.82 (+1.12%)
  • Gold

    +1.70 (+0.10%)
  • Silver

    -0.27 (-1.19%)

    -0.0026 (-0.22%)
  • 10-Yr Bond

    +0.0440 (+3.12%)

    -0.0048 (-0.35%)

    +0.4360 (+0.40%)

    -2,902.32 (-6.49%)
  • CMC Crypto 200

    -62.52 (-5.67%)
  • FTSE 100

    -26.87 (-0.38%)
  • Nikkei 225

    +609.41 (+2.06%)

Powell sends stocks to records, meme stock Support.com rallies 100%

Yahoo Finance’s Jared Blikre reports on today's market movement.

Video Transcript

- --that. But Jared Blikre has much more on what's driving these markets as we hear from Jay Powell, all kinds of econ data. Jared.

JARED BLIKRE: That's right. We got some good consumer-- well, some good meme stories. We'll call it that.

First I want to focus on the price action on the YFi Interactive-- what happened today earlier. Now, we had some econ data earlier. But of course, the focus was Powell's big speech. That's what happened. We got a big lift off of that, as it was really not much new information there. Brian Cheung is going to break it all down for us in a minute.

Also want to just show you quickly the bond market. This is the 10-year T-note yield. It's drifting down. And Brian, I hope you're going to tell us why. I've got some theories.

Down 3 basis points. We're seeing the dollar a bit weaker as well. And we're also seeing gold surge. So interesting price action movements there.

Now, I want to get to some of our trending tickers. You're going to notice the top trending ticker now is Support.com. It is up over 100%. It's been on a roll over the last few days. This looked like a very big rally yesterday. It's dwarfed by what's happening today. And I just want to go to our main screen here-- market cap almost a billion dollars. In fact, it was $1.3 billion when the stock soared to 200%. You can see the 52-week range, $1.62 to $59.69. Ines Ferré is writing it up today, and she has a story on yahoofinance.com. And let me just read you one of the quotes she got from S3 Partners. They specialize in short interest here. And I'll put this chart back on.

"This rally is a long buying rally in a stock with a thinly traded float, 20 million shares, and tremendous long buying pressure. You combine a gamma squeeze plus momentum buying plus some short covering-- it is a monster, monster rally."

And we also got some news in a similar vein here. I'm going to navigate to our main stock screen. This comes out of the SEC. We know that Gary Gensler has been coming out against a number of things in the industry, now that he's assumed the role of chief stock watchdog in the US. We have some interesting movements here today. But I'm going to focus on what he is pushing, and that is a new set of proposals. It's a request for information that he's sending out to figure out why some of these brokers like Robinhood are using the gamification as part of their business model, and what the SEC can do about it. Now, this could be good or it could be bad, but let me read you a quote from Gary Gensler.

"While new technologies can bring us greater access and product choice, they also raise a question as to whether we as investors are appropriately protected as we trade and get financial advice. In many cases, these features may encourage investors to trade more often, invest in different products, or change their investment strategy."

All this is relevant right now because we're seeing what I'm calling meme stock 3.0. We saw a huge run-up this week in a lot of these names. This is a five-day look. You can see on the left some of the bigger names-- Palantir up 7%, Robinhood up 10%, AMC up 16%, and GameStop up 26%. But if you sort by performance, look at this-- Support.com up 324% here, and also DVAX up 38%.

And I'm going to go back to this chart. I'm going to show a max chart of Support.com just to show how technicals can really play into the market. Now, this high of about $60 was in play at the very beginning run of this stock. It listed, I believe, in 2000. Later of that year, got caught up in the downpull from the tech bubble-- was probably at the very beginning of that huge downpull that we saw. But look at this. This was resistance then, it's resistance now. Technicals, guys.

- All right. Jared Blikre, thanks so much for that.