The madness in meme stocks on Monday can be traced back to a social media post from Keith Gill, best known as "Roaring Kitty" on YouTube and X or "DeepF***ingValue" on Reddit. Several names with high short interest are ripping higher in the wake of the post. Yes, a simple meme has kicked off a buying frenzy in heavily shorted names.
With the earnings season now halfway through, the percentage of S&P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises were above their 10-year averages.
QuantumScape reported quarterly losses of 24 cents per share which met the analyst consensus estimate and is unchanged from the same period last year. The company ended the first quarter with $1.01 billion in liquidity and expects its cash runway to extend into the second half of 2026.
Rising Treasury yields have investors cautious despite positive news from the earnings season.
The yield on the long-dated 30-year Treasury bond has surged to 4.79%. It’s on track to close at the highest level since early November, ahead of crucial economic data on Thursday.