The Standard & Poor's 500 edged up by 5.89 points, or 0.1%, to 5,283.40, even though the majority of stocks within the index fell. The Dow Jones industrial average dropped 115.29 points, or 0.3%, to 38,571.03, and the Nasdaq composite rose 93.65 points, or 0.6%, to 16,828.67. Treasury yields also slid in the bond market after a report showed U.S. manufacturing shrank in May for the 18th time in 19 months, according to the Institute for Supply Management.
It made tidal waves online because it was the same Reddit account that showed similar screenshots of big GameStop holdings in 2021 that helped the struggling video game retailer’s stock price rocket higher, way beyond what many critics on Wall Street called rational. “Meme stock” has become the way to describe companies whose prices move more on the enthusiasm of smaller-pocketed investors than on any fundamental change in their business prospects.
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