GameStop and AMC buck broader stock sell-off

Yahoo Finance Live's Jared Blikre breaks down midday trading in the stock market.

Video Transcript

BRIAN CHEUNG: Welcome back to Yahoo Finance. Taking a look at the Dow Jones, up 450 points. It's about 1.4% for you percentage people. But again, green across the screen on this Friday. Yahoo Finance's Jared Blikre is here now to break down what's happening in other portions of the market. And, you know, today's a day that's ending in day, which means the meme stocks are on the move again, aren't they?

JARED BLIKRE: Yes, they are. They started-- they perked up yesterday. If you'll recall, yesterday was a bad day in the overall markets, but underneath the hood, we saw some signs of life here. And we've seen that before. Not to get too ahead of ourselves, GameStop up another 10%. It was up about similarly yesterday. AMC up 6%. And let's just take a look at GameStop. This is going to be a one-year chart. A lot of these meme stocks have been very depressed. We did get a rally above 100 yesterday, but in the long-term, you can see that we are still hovering near these lows.

You also take a look at something like Robinhood, up 25%. Impressive to see that. But over the same time period, you can see this gain today just a tiny blip. And just by comparison purposes, I prepared this yesterday, but this is a chart that shows how meme stocks have performed from their highs. And all these red bars are how much percentage wise they're off from their highs, many of them off 50% or more.

And here's what they were doing yesterday. So when we see these signs of life in the market, can be indicative of other things going on. We're also seeing the Chinese stocks pick up. But you take a look at the general market, the S&P 500, we've had a number of fakeouts this year. And even if we get a flashy rally, I'm thinking right about here, 4,300, 4,400 probably where we top out in the near term, guys.