NEW YORK, June 8 Reuters Wall Street stocks struggled for closing gains on Tuesday as a lack of clear market catalysts kept institutional investors in a holding pattern, while retail traders kept the rally of socalled meme stocks alive.
All three major U.S. stock indexes ended the rangebound session near flat or higher.
The techladed Nasdaq fared best, with Amazon.com Inc and Apple Inc providing the biggest boost.
Were waiting for inflation numbers, waiting for more from the Federal Reserve, waiting for earnings season, said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. Theres not a lot motivating the market today.
Were in this twilight zone until probably right after the Fourth of July, when we see earnings season kick in, Nolte added.
The CBOE volatility index, a measure of investor anxiety, touched its lowest level in over a year.
Smallcaps, once again buoyed by the ongoing meme stock retail frenzy, were outperforming their larger counterparts.
Clover Health Investments seized top billing among meme stocks, and ended the session as the largest percentage gainer in the Nasdaq.
Other stocks whose recent explosive trading volumes have been attributed to social media buzz, including GameStop Corp , Bed Bath Beyond Inc, Workhorse Group and others ended sharply higher.
Meme stocks are where the action is, but you flip it over and look crypto and thats a mess, Nolte said. Now the meme stocks are taking over from crypto as the place to…