Market Rallies on Speculation and Roaring Kitty's Cryptic Message

Crypto trades are surging. Roaring Kitty, the influential meme stock proponent, is boosting meme stocks again. The broader market is rallying without any apparent catalysts. Many speculative pockets of the stock market surged in early trading Thursday, the first session of the new year, right after the S&P 500 closed out the best two-year run since 1998. Roaring Kitty, whose real name is Keith Gill, posted another cryptic message on X of a short clip of the late musician Rick James.

Some believe he was referring to a potential resurgence in meme stocks. Meanwhile, semiconductor stocks — projected to be 2024's big winners — are helping lead the market again after the artificial intelligence trade lost some momentum at the end of last year. Callaway Golf jumped 8.5% on the back of an upgrade at Jefferies to buy from hold. The investment bank said shares of the golf equipment maker looked oversold and raised its price target to 65% above where the stock closed the year. With a pickup in market speculation, broad stock futures were on the rise to kick off 2025. Dow futures advanced as much as 300 points. Thursday's dramatic moves resemble rallies seen after Donald Trump's election victory in November, as investors bet his pro-business policies would drive companies and the economy to strong growth. Those gains slowed toward the end of 2024 as concern grew that the president-elect's protectionist policies could stir inflation or disrupt supply chains, and as the Federal Reserve signaled fewer interest rate cuts in 2025. 'Many investors assume that the incoming administration's push for deregulation will unleash 'animal spirits,'' Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, said in a recent note to clients. 'But what if it only accelerates the concentration of monopoly power in the hands of a few, diluting the efficacy of broad economic measures and leaving behind even larger swaths of the populace?' San Diego State Universit

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