🚀 Reddit Surges

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Reddit's shares surged 7% on Tuesday, marking a second consecutive day of gains following renewed interest from retail traders in meme stocks. The rally began when Keith Gill, known as "Roaring Kitty," reappeared online, posting a picture signaling serious gaming, which garnered over 25 million views. Gill's post sparked a surge in GameStop and AMC shares, with GameStop closing at its second-highest price since its IPO in March. WallStreetBets, a Reddit forum, played a pivotal role in the meme stock boom, where traders gather to discuss and influence stock movements. The recent rally has also lifted other meme stocks, including BlackBerry, Koss, and SunPower. While the surge lacks a fundamental basis, analysts suggest that increased user activity could benefit Reddit's advertising business. Despite its recent volatility, Reddit's stock has shown resilience since its NYSE debut in March, bolstered by better-than-expected earnings.

2. Eight TikTok creators have filed a lawsuit against the U.S. government to block a recently passed law that requires ByteDance to divest the social media app or face a ban. The creators argue that the law violates the First Amendment, as it would restrict their ability to create and share content on the platform. The law gives ByteDance nine months to find a buyer for TikTok, which the creators believe undermines free speech and the free marketplace of ideas. TikTok itself has also sued the U.S. government over the legislation, citing similar free speech concerns.

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4. Headlines

   1. Fed Chair Jerome Powell says that inflation is still higher than expected.

   2. Tesla sued over pollution from its California plant.

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