Wall Street Close: S&P 500, Nasdaq refresh record top but meme stocks steal the show

• US equities mark another positive day on stimulus news, vaccine optimism and hopes of delayed tapering.
• GameStop, AMC lead the bullish impulse, Pinduoduo Inc. cheered first-ever quarterly profit.
• Virus, stimulus and US Durable Goods Orders can entertain traders, Jackson Hole Symposium is the key.

US stocks marked another pleasant day for bulls by the end of Tuesday’s North American session. While hopes of faster jabbing and monetary relief from the US joined the receding odds for tapering to favor the up-moves of the benchmark indices, meme stocks followed the social media jitters to woo the traders.

Read: Forex Today: Focus on Jackson Hole and the coronavirus Delta variant

Dow Jones Industrial Average (DJI) rose 0.09% or 30.55 points to 35,366 whereas S&P 500 and Nasdaq both refreshed record top with 4,492.81 and 15,034.90 levels before closing with 0.15% and 0.52% respective daily gains.

US Senior Health Official Dr. Anthony Fauci raised expectations to get the covid control by early next year if vaccinations ramp up. The latest move by the US Food and Drug Administration, full approval to the Pfizer-BioNTech vaccine, adds to the positives. Even so, Reuters said, “The average number of deaths from COVID-19 has risen by 23% over the previous seven-day period, Dr. Rochelle Walensky, director of the U.S. Centers for Disease Control and Prevention (CDC), during a Tuesday press call.”

Further, the US House of Representatives passed a $3.5 trillion budget and is progressing on the $1.2 trillion infrastructure plan, which in turn boosts the stimulus hopes.

Softer US Richmond Fed Manufacturing Index data for August, 9 versus 25 expected, joins the first rise in the New Home Sales in four months to weigh on the push back the Fed’s tapering concerns as policymakers brace for Jackson Hole Symposium. The mixed data currently looks at the US Durable Goods Orders for July, forecast -0.3% versus +0.9% prior, for further firming up odds favoring the need for easy money policies.

Talking about stock-specific news, GameStop soared 27% and the AMC rose over 20% amid WallStreetBets chatters while Pinduoduo Inc. surged 22% on an upbeat quarterly report. Further, Best Buy Co. Inc. also benefited from the strong earnings report while positing over 8.0% of a daily upside.

It’s worth noting that the US 10-year Treasury yields rose 4.2 basis points (bps) to 1.297% by the end of Tuesday’s North American session.

Looking forward, investors will keep their eyes on the coronavirus and stimulus headlines while waiting for the US Durable Goods Orders. However, cautious sentiment ahead of the Jackson Hole Symposium event could restrict the market moves.