A market rally With Friday tearing higher in some battered and battered tech stocks that have declined over the past year, this year’s price action is looking a lot like the 2021 rally.
Beat names including Tesla (TSLA), carvana (CVNA), and Coinbase (coin) were each over 10% on Friday.
Cathy Wood’s ARK Invention (ARKK) ETF, a bellwether for high-flying tech, advanced 5.5%. ARKK has gained more than 25% this month alone, which Reuters notes Puts the fund on pace for its best monthly gain on record.
A mini meme business was also underway on Friday.
Shares of BuzzFeed (BZFD) 150% as skyward after noon An internal memo revealed that the media giant was planning Content creation should lean heavily on AI. Shares closed up 85% on Friday.
It marks a major turnaround for the company, which has lost nearly three-quarters of its value since going public through a SPAC merger in late 2021.
Reddit-business favorite GameStop (GME) rose 14% to cap a volatile session.
and the lucid group (LCD), an electric vehicle maker known for its mega SPAC merger in 2021, rose 43%.
Tesla, which has erased 65% of its value in 2022 for its worst year on record, rose 11% on Friday. For the year, Tesla is up 44%.
Stocks also rally later this week Tesla’s quarterly results beat expectationsThe company told investors it plans to start production of its Cybertruck later this year.
“The recent rally in meme stocks and unprofitable tech stocks is a headfake and there is still plenty of excess capital in the system, even with what the Federal Reserve has done over the past year,” David Trainor, CEO of investment research firm New Constructs, told Yahoo Finance on Friday.
Wall Street’s risk-on mood comes as investors speculate that tepid economic data will prompt the Federal Reserve to end its rate-hiking cycle sooner than expected. The US central bank is expected to cut interest rate hikes to 25 basis-points at its meeting next week.
Friday’s moves coincided with a broader push across the major stock averages, with all three indexes higher to start the year.
The tech-heavy Nasdaq Composite, which has shed a third of its value in 2022, is leading the way with a 9% gain so far this year.
Alexandra Semenova is a reporter for Yahoo Finance. Follow him on Twitter @aleksandrandnik
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