AMC Leads Meme Stocks on a Wild Ride

Meme stocks are on the move again—while the broader market is running in place.

Shares of AMC Entertainment Holdings Inc., GameStop Corp. and other stocks popular with individual investors swung wildly again Friday. They have surged over the past two weeks, a frenetic rally reminiscent of theAMC became the latest darling of investors who have banded together on social media in a bid to propel the shares higher. The stock dropped 0.3% Friday after surging 97% this week through Thursday. That has extended its gains for the year to about 2,300%.

The S&P 500, meanwhile, has waffled in a narrow range as investors parse signals about inflation and the labor market that could feed into the Federal Reserve’s next moves. The benchmark rose 0.8% Friday after the monthly jobs report showed employers added 559,000 jobs in May, fewer than economists had projected—a snippet of evidence that could weigh against the Fed moving up its timeline for raising rates or easing back on bond purchases.

The S&P 500 hadn’t notched a gain or decline of more than 0.5% in the seven trading sessions through Thursday, its longest such streak since February, according to Dow Jones Market Data. It is on course for a modest 0.5% weekly gain.

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