GME - Bonds Behaving 'Almost Like A Meme Stock' Says Equity Strategist: 'The Bond Market Is In Charge' | Benzinga
The bond market’s recent behavior, akin to meme stocks, is now influencing the equities market, according to a leading strategist.
What Happened: Stocks are reacting to shifts in the bond market following a significant drop in yields over the past two months, reported Business Insider. This has sparked a rally in the S&P 500 and Nasdaq.
“The bond market is in charge, as far as I’m concerned,” Richard Kneller, U.S. equities desk strategist at Stifel, told Bloomberg TV on Thursday.
"The bond market is reacting almost like a meme stock," says Richard Kneller, US equities desk strategist at Stifel, as he discusses what is driving a stock market he sees as overbought https://t.co/uNxh3NRXcB pic.twitter.com/ikudrinfHJ — Bloomberg TV (@BloombergTV) December 28, 2023
He further noted that the bond market is reacting “almost like a meme stock.” This behavior seems to reflect the turbulence seen in meme stocks during 2021 when online communities drove up shares in companies like GameStop (NYSE:GME) and AMC (NYSE:AMC).
The bond market has experienced sudden fluctuations in recent months as investors respond to prospective Federal Reserve policies. New inflation data ...