Wall Street ends flat but meme stocks rally

Stocks on Wall Street closed nearly flat Wednesday as a lack of market-moving headlines kept institutional investors on the sidelines.

The S&P 500 and the Dow finished near the flatline just shy of their all-time highs, while Amazon and Apple helped lift the Nasdaq three-tenths of a percent.

O’Neil Global Advisors Chief Investment Officer Randy Watts says the market catalyst could come on Thursday with the release of the consumer price index.

“I think the markets' kind of waiting right now for the inflation number later this week and also for the FOMC meeting next week. I think that's going to give a lot of short-term direction to the market in terms of inflation.”

Small cap stocks, however, saw plenty of action. Retail traders extended the social media-driven meme stock rally by piling into shares of insurance seller Clover Health Investments. Clover soared 86% making it the Nasdaq’s top gainer.

Shares of another meme stock, retailer GameStop, rose 7% ahead of its earnings report Wednesday. Those shares have skyrocketed nearly 1500% this year.

Shares of Boeing inched higher after Southwest Airlines said it ordered 34 new 737 MAX jets.

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