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Stocks Notch Up Further Gains as Meme Stocks Deflate

EQUITIES

The S&P 500 traded with gains of close to 2% for the second consecutive session, narrowing further the gap with all time highs in the e-mini S&P to just 30 points or so. Risk appetite was particularly evident in the sectoral breakdown, as financials and consumer discretionary names outperformed, while defensive healthcare and staples lagged.

So-called 'meme stocks' which had been the source of so much volatility in recent session deflated sharply. GameStop saw shares drop by as much as 70%, while AMC slipped 40%.

Earnings remain a focus, with Alphabet and Amazon due after the bell. AbbVie, PayPal and eBay cross Wednesday.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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