Wall Street had an exceptional day as the bulls drove the market upward, fueled by anticipation of the Federal Reserve’s rate cuts in September. The Dow Jones Industrial Average experienced its best session since late May, surging by 1.85% to close at 40,954.48. In the same vein, the S&P 500 saw a modest increase, ending the day up nearly 0.6% at 5,667.20. The Nasdaq also climbed, rising 0.2% to finish at 18,509.34.
Here are the top 5 trending stocks that caught the attention of retail traders and investors throughout the day:
1. GameStop Corp (GME)
GameStop shares closed the day with a 5.70% increase at $28.54 and had an intraday high of $28.83 and a low of $27.37. The stock has been trending on various social platforms as traders speculate about a possible repeat of the historic meme stock short squeeze of 2021.
2. Meta Platforms Inc. (META)
Despite positive analyst coverage, Meta Platforms shares fell by 1.28% to close at $489.79. The stock reached a high of $503.95 and a low of $485.79 during the day. Wolfe Research initiated coverage on Meta with an Outperform rating and a price target of $620.
3. Taiwan Semiconductor Manufacturing Co (TSM)
Taiwan Semiconductor stock closed the day up 0.44% at $186.04, with an intraday high of $189.59 and a low of $185.02. The company’s demand for AI chip production tools is expected to drive ASML Holding’s orders for the second quarter.
4. Bank Of America Corp (BAC)
Bank of America shares saw a 5.35% increase to close at $44.13, with an intraday high of $44.4 and a low of $42.22. The bank reported fiscal 2024 second-quarter net income of $6.9 billion, surpassing estimates.
5. Tesla Inc (TSLA)
Tesla shares rose by 1.55% to close at $256.56, reaching an intraday high of $258.62 and a low of $245.8. CEO Elon Musk confirmed a delay in the robotaxi unveiling event to implement design changes to the vehicle.
As Wall Street continues to navigate the markets with these trending stocks, investors are closely monitoring the potential impact of various factors on their investments.
