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STOCKS: Sundial lit, GameStop fit, Dogecoin gets a toddler hodler

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Jared Blikre breaks down Wednesday’s early trading action, including the rally behind Sundial Growers, GameStop’s underperformance and Dogecoin latest holder.

Video Transcript

JULIE HYMAN: We are gonna take a look at what's going on in the markets right now, as we see this rally, albeit a pretty modest one right now. Our Jared Blikre is with us here with an update. So what's going on in the market today, Jared?

JARED BLIKRE: Well, a modest rally it is, but we'll take those gains. It looks like the Dow, S&P 500 and NASDAQ, and the Russell 2000 each up around 1/3 of 1%. A little bit less than that. So the outperformance by both tech and the small caps continues. Both of those going up in line together.

Taking a look at the NASDAQ 100 heat map here, we see Tesla is a standout. That's down about 3%. Amazon, Apple both slightly in the red, but Facebook, Alphabet and Microsoft solidly in the green here. But I want to get to our heavily shorted board because some interesting things going on. GameStop has been in the green for most of the day.

Looks like it's express. Let's get back to GameStop. Up 5% now. Been up as much as 15%. But you can see on this five day chart that the volatility has really tamped down, and maybe 45 is a level here of support. We'll have to see going forward.

But the standout in this group, which we were talking about before in a different context, is Sundial Growers. That cannabis play up 44% today. Up 97% over the last five days. And now off to crypto land, where we have Bitcoin and Ether taking a little bit of a breather after coming off of those record highs.

But guess what, XRP is up 6%, and we also have Dogecoin in focus here. That is still down about 1%, and this is despite Elon Musk tweeting about it. And we have that tweet coming up here. Bought some Digecoin-- excuse me, "Bought some Dogecoin for lil X so he can be a toddler hodler." And, yeah, more Dogecoin news. So there you go, guys.

JULIE HYMAN: [LAUGHS] Such as it is. All right, thanks so much, Jared.