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<p>This week saw plenty of action, not only from the major benchmarks, but also from <strong><a href="https://www.schaeffersresearch.com/content/education/2021/06/09/a-meme-stock-update-for-the-ever-growing-stonk-nation" target="_blank">retail investors</a></strong> who set their sights on a number of heavily shorted stocks. Kicking off the week, the Dow extended the previous week’s losses, while the Nasdaq and S&amp;P 500 saw muted sessions against a backdrop of noise made by <strong><a href="https://www.schaeffersresearch.com/content/ezines/2021/06/07/dow-extends-losses-as-nasdaq-bounces-back" target="_blank">"meme" stocks</a></strong>. Tuesday was another quiet session, with the S&amp;P 500 simmering just below its <strong><a href="https://www.schaeffersresearch.com/content/ezines/2021/06/08/stocks-eke-out-muted-session-after-uninspiring-day-of-trading" target="_blank">record highs </a></strong>for the majority of the day.</p>
<p><strong><a href="https://www.schaeffersresearch.com/content/ezines/2021/06/09/markets-slide-back-below-breakeven-midweek" target="_blank">Wednesday’s trading</a></strong> was more of the same. All three major indexes finished the day with slight losses, while traders cautiously awaited the next day’s consumer price index (CPI) release. Though <strong><a href="https://www.schaeffersresearch.com/content/ezines/2021/06/10/stock-futures-push-past-shaky-inflation-data" target="_blank">May’s CPI reading</a></strong> saw its fastest growth since summer of 2008 — up 6% year-over-year, and 0.6% for the month — Wall Street largely shrugged it off, sending the S&amp;P 500 to <strong><a href="https://www.schaeffersresearch.com/content/ezines/2021/06/10/stocks-maintain-gains-as-inflation-anxieties-abate" target="_blank">finally snag a fresh record high</a>&nbsp;</strong>on Thursday. The Dow and Nasdaq also closed the day on a high note. It looks like the S&amp;P and Dow are cooling during today’s session, though, and the blue-chip index looks set for a&nbsp;<strong><a href="https://www.schaeffersresearch.com/content/ezines/2021/06/11/nasdaq-s-p-500-eye-weekly-wins-as-bond-yields-retreat" target="_blank">weekly loss</a></strong>.</p>
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<h2>Meme Stock Craze Rages On</h2>
<p>What seemed like a fun way for retail investors to make a splash in the trading world has turned into a full-on phenomenon, as <strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/11/meme-stocks-in-focus-to-end-the-week" target="_blank">meme stocks</a></strong>&nbsp;continue to hog the spotlight. Reddit darling <strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/09/gamestop-stock-continues-climb-before-earnings" target="_blank">GameStop</a></strong> (GME), which may have been the stock that kicked this whole thing off, caught even more attention ahead of its first-quarter earnings call. Fast food giant Wendy’s (WEN) also joined the list of stocks mentioned on <strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/09/wen-plummets-after-reddit-fueled-surge-to-records" target="_blank">Reddit’s Wallstreetbets</a></strong> forum, surging to an all-time high in the aftermath. Tilray (TLRY) also entered the fold, and the <strong><a href="https://www.schaeffersresearch.com/content/options/2021/06/09/pot-stocks-options-pits-ignite-as-reddit-traders-move-in" target="_blank">cannabis producer’s</a></strong> CEO welcomed the attention with open arms, lauding retail traders’ high level of knowledge on the company and its products.&nbsp;</p>
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<iframe src="https://open.spotify.com/embed/episode/59M5NGxjUOBXaoXFzlH9F4" width="100%" height="232" frameborder="0" allowtransparency="true" allow="encrypted-media"></iframe>&nbsp;</p>
<h2>Analyst Upgrades Galore</h2>
<p>With earnings season come and gone, analysts are keeping themselves occupied with plenty of updates. On the heels of a controversial U.S. Food and Drug Administration (FDA) decision, J.P. Morgan Securities chimed in on&nbsp;<strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/11/biib-bags-bull-notes-after-controversial-fda-decision" target="_blank">Biogen</a></strong> (BIIB) with a hefty price-target hike. Analysts also turned bullish on one notable <strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/09/abercrombie-fitch-stock-pops-as-analysts-turn-bullish" target="_blank">apparel retailer</a></strong>, saying the company’s strategic decisions during the pandemic are paying off. Looking at the long-term game, Fox (FOXA) nabbed an upgrade from Well Fargo, as the company moves its focus to&nbsp;<strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/09/analyst-sees-sports-betting-ventures-carrying-foxa-far" target="_blank">sports betting</a></strong> lines. Lastly, an earnings beat brought the bulls out for <strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/08/bull-notes-galore-for-sfix-after-earnings-beat-upbeat-outlook" target="_blank">Stitch Fix</a></strong> (SFIX) stock, and the company raised its 2021 revenue beyond analysts’ expectations.</p>
<h2>Another Bullish Indicator for Investors to Utilize</h2>
<p>There’s a handful of quarterly reports due out next week, including those from H &amp; R Block (HRB), Kroger (KR), and Smith &amp; Wesson Brands (SWBI). More economic data is on the way too, with plenty of manufacturing data and a <strong><a href="https://www.schaeffersresearch.com/content/news/2021/06/10/middle-of-june-packed-with-economic-data" target="_blank">Federal Reserve</a></strong> announcements on the docket. In the meantime, check out Schaeffer’s Senior Quantitative Analyst Rocky White’s rundown on how the Gamma-Weighted SOIR can be used as a <strong><a href="https://www.schaeffersresearch.com/content/analysis/2021/06/09/diving-into-gamma-weighted-soir-as-a-bullish-indicator" target="_blank">bullish indicator</a></strong>. Traders might also want to take a look at an explanation of what <strong><a href="https://www.schaeffersresearch.com/content/analysis/2021/06/07/why-lower-volatility-higher-equity-prices-lie-ahead" target="_blank">the summer months</a></strong> could mean for market volatility.&nbsp;</p>

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