Wall Street eked out minor gains Wednesday despite a big spike in meme stocks.
AMC Entertainment shares nearly doubling in just one day to a record high. Investors defiantly bought the stock even after a hedge fund flipped the shares for a profit. The theater chain operator is embracing the little guy - offering free popcorn to investors.
Another meme stock popular with the Reddit crowd, Bed Bath and Beyond, skyrocketed 62%. The home furnishing retailer said it would launch three new brands this quarter.
But overall, investors were cautious ahead of key jobs-related data out on Thursday and Friday, picking up shares in defensive sectors like real estate and utilities.
The Dow ended flat while the broader indexes inched a tenth of a percent higher.
Sanders Morris Harris CEO George Ball says traders are searching for a catalyst.
“They're bored. They’re burned out, and they are looking for a new set of inspiration and perspiration, and the markets really aren’t going any place in particular. They're looking for a trigger."
Also on the move Wednesday – pot stocks. Amazon lit a fire under the sector after the retailer said it supports proposed legislation that would legalize cannabis at the federal level. Sundial Growers shot up 13%; Aurora Cannabis added almost 8%.