ETFs Tracking Meme Stocks Experience A Resounding Surge As Investors Chase Year-End Equity Rally: 'Animal Spirits Are Starting To Run Hot Again'
Portfolio Pulse from Benzinga Neuro
ETFs tracking meme stocks, such as the Roundhill MEME ETF (MEME), the Robotics & AI ETF (BOTZ), and iShares Russell 2000 Growth (IWO), have experienced significant gains, outperforming the S&P 500 over the past five trading days. DataTrek Research highlights this trend as a sign of investors' 'animal spirits' running hot again, with these ETFs showing better average returns than the S&P not only in the past week but also over the last month and year-to-date. The resurgence of interest in meme stocks is seen as part of a broader bullish market condition, with predictions that the November stock rally could continue through year-end.
November 22, 2023 | 4:02 am
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POSITIVE IMPACT
The Robotics & AI ETF (BOTZ) has gained 6.6% in the past five trading days, indicating strong performance alongside other meme stock-related ETFs.
BOTZ's recent gains suggest that the ETF is benefiting from the same speculative interest driving the meme stock rally, which could lead to further short-term price increases.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
iShares Russell 2000 Growth ETF (IWO) has outperformed the S&P 500 with a 5.9% rise, reflecting the broader market's bullish sentiment.
IWO's performance is part of the broader bullish sentiment in the market, particularly in small-cap growth stocks, which may continue to see price appreciation in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Roundhill MEME ETF (MEME) has seen a surge in performance, outpacing the S&P 500 with a 10.8% gain over the past five trading days.
The recent outperformance of MEME is directly tied to the resurgence of interest in meme stocks, which is likely to attract more investor attention and potentially drive up the ETF's price in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90