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Why Rocket Companies stock surged on Tuesday

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Yahoo Finance's Jared Blikre joined Yahoo Finance Live to break down Rocket Companies surge.

Video Transcript

ADAM SHAPIRO: But the better voice when it comes to the market is Jared Blikre. And he is watching some of the retail giants for us. Jared.

JARED BLIKRE: [AUDIO OUT] get a sense of the overview of the market, as we see it on the Wi-Fi Interactive, the Dow now climbing towards session highs. But that's the only one of our majors in the green. You can see just testing those highs several times a day, but really a pretty low volume day overall. You can see the S&P 500 just slightly underwater. Small caps and the NASDAQ off the most. Russell 2000 down over 1%.

And looking inside the NASDAQ 100, again, it's a flip-flop day. We seem to have this on again, off again every other day or every two days. And now Apple's under water for 1%. Facebook off about 6/10 of a percent. Then some of the bigger losers are earnings stories, but, and we'll take a look at those, but Zoom, Zoom is down 7%, Moderna off 5% at the bottom of your screen. And then Peloton, Tesla, off 4%, 3 and 1/2% respectively. So some of those big names under pressure.

And Seana, you were talking about the EV space and those Nio earnings. Nio down 12 and 1/2% today. Also, I should mention that China has been making rumblings about reining in what they see as a bubble. So Chinese stocks could be under pressure. But suffice to say the EV space is under a little bit of pressure today. And here is the retail space. As you were mentioning, Adam, Target's down 6%, Wayfair down 4%. But Kohl's, Kohl's after beating on earnings, some nice guidance there, that's up over 1%.

And then finally, we got a new addition to our most shorted meme stock space, and that is Rocket. Rocketing higher up 61%. And just check out what it's done over the last five days. Most of these moves coming since last Friday. Nearly doubling its stock price here. So forget GameStock, Rocket is in focus today. But yeah, you were mentioning those Gensler hearings today, Adam, and I think it's going to be instructive what the SEC decides to do. Maybe ban all stocks under $5 for new retail traders. That has been a discussion point in the works.