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Stocks Just Above Water as Meme-Driven Names Rally

EQUITIES
  • Headline indices all traded very modestly higher Wednesday, with weakness in bellwether names like Home Depot, Disney and Goldman Sachs countered by outsized rallies in meme-driven names including AMC, Gamestop and Bed Bath & Beyond.
  • The net effect on the e-mini S&P was minimal, with the index trading inside the week's range to retain the overarching bullish technical outlook. The week's highs of 4230 remain the first target ahead of all-time highs.
  • Energy and real estate names were the strongest sectors Wednesday, with materials and consumer discretionary among the poorest performers.
  • Gains were more uniform across Europe, with the French CAC-40 rallying well (higher by 0.5% at the close), although Spain's IBEX-35 drifted 0.1%.

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