Wall Street is absolutely buzzing today after a massive rally which involved several North American household names including Walgreens and MercadoLibre which has placed the NASDAQ index at its second highest point in five years.
Whilst volatility has become a norm across many stock markets over the past sixteen months due to seemingly endless lockdowns in many Western countries which are home to developed economies, the NASDAQ, despite being home to the now notorious Meme stocks, has been on a constant and very steady climb with almost no sign of levelling off.
In February, the NASDAQ index arrived at its highest point for five years before tailing off slightly, however today it has risen once again and is now at its second highest point over the all-important five-year period.
Today, the NASDAQ index is up 0.78%, however it is at an incredible 192.07% higher than this time five years ago, and currently stands at 14,020.33 points.
As an index that majors on technology stocks, NASDAQ has been at the leading edge of social media-influenced movers and shakers, and this week has been no exception.
Just a day ago, the Reddit forum members had sought a new target other than the AMC Entertainment and GameStop meme stocks that they have been famous for influencing since January, this time in the form of Clover Health, however there is much more depth to the Reddit keyboard warriors than that.
This week, Antelope Enterprise, a NASDAQ-listed stock found itself in the sights of the Reddit forum users, experiencing massive gains on Wednesday as Reddit took an interest in it as a new meme stock, something NASDAQ itself has been reporting on via its own portal.
The number of traders that are discussing the short-squeeze potential of AEHL stock has been gaining momentum, and with that talk comes more interest and NASDAQ has been reporting the increase in the trading of AEHL shares.
Antelope Enterprise has currently moved more than 15 million shares of its stock as of two days ago, which is a massive jump compared to the company’s daily average trading volume of only about 1.1 million shares.
Despite its sudden appearance in the limelight of Meme stock trading, Antelope Enterprise is a Chinese company that specializes in making ceramic tiles which appears to be a somewhat anodyne industry sector, and NASDAQ has published that there is no recent news that would explain why retail traders have been latching onto AEHL stock this week. Perhaps even more interestingly, NASDAQ has written AEHL stock off as belonging in the penny stock range with shares trading at about 5.74 on Wednesday this week.
By the middle of this week, AEHL stock had been influenced to the extent that it was up 42.9% by Wednesday morning, a time during which the entire NASDAQ index was on the rise culminating in today's second highest point in five years.
Interestingly, NASDAQ is somewhat accepting of the situation that surrounds the disruptive trend relating to Meme stocks, as the exchange admitted on Wednesday this week that Reddit is still rallying meme stocks and referred to potential for trading such stocks. NASDAQ highlighted that meme stocks that investors could be interested in may be Root Insurance (NASDAQ:ROOT), ContextLogic (NASDAQ:WISH),and Clean Energy Fuels (NASDAQ:CLNE) demonstrating that it is almost encouraging this community-driven trend.