The Return of the Kitty? | Wall Street Today

Meme stock volatility hit the market Monday, sending indexes higher, but shortly before noon EST, the market boomeranged back down. Just after the closing bell, the $S&P 500 Index(.SPX.US)$ had fallen flatly 0.02%, the $Dow Jones Industrial Average(.DJI.US)$ also declined 0.17%, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 0.28%.

The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.86, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.48.

The meme stock market screamed "We are so back"  over the weekend, after Roaring Kitty, short squeezing enthusiast and financial influencer that helped inspire the original GameStop craze in 2021 finally tweeted again. Overnight $GameStop(GME.US)$ shot up 74%, after jumping 110% at open.

Other meme stocks were flying as well on high volume. $Reddit(RDDT.US)$ climbed 8%, $AMC Entertainment(AMC.US)$ grew 77%. As Luzi Santos wrote for moomoo news, AMC stock options volume soared to more than 1.6 million contracts Monday, as AMC shares climbed 83%.

$Novavax(NVAX.US)$ climbed 47% after nearly doubling in price Friday following its earnings release where the firm announced a partnership with $Sanofi(SNY.US)$ to work on a new Covid drug.

The S&P 500's top gainer was $Incyte(INCY.US)$ that climbed 8% Shares of Incyte surged early Monday morning after the biopharmaceutical company said it is purchasing billions of dollars worth of its own shares. The company is offering to buy up to $1.672 billion worth of its stock in a modified "Dutch Auction," according to a press release on Monday.

$Walgreens Boots Alliance(WBA.US)$ also led the S&P, and was the highest gainer on the Nasdaq 100. A report found the company was contacting potential buyers for its subsidiary drug chain Boots.

Website-development company $Squarespace(SQSP.US)$ said Monday its shareholders will receive $44 in cash for each share they own, a 15% premium to Friday's closing price.