US equities ended Friday’s session on a mixed note as investors navigated sharp stock-specific volatility, heavy ETF activity, and selective buying in mega-cap names, while speculative counters and leveraged products saw outsized moves on both sides.
Benchmark indices showed limited directional conviction toward the close, but underlying market action remained intense, with several low-priced stocks posting extraordinary percentage gains and losses, underscoring heightened risk appetite among short-term traders.
Extreme Gainers and Losers Dominate the Tape
Among the session’s biggest percentage gainers, Elong Power Holding Ltd (ELPW) surged more than 3,100%, while Phoenix Asia Holdings (PHOE) and FAT Brands Inc. (FATBB) also recorded multi-hundred-percent advances. Such sharp moves were largely attributed to low liquidity, corporate actions, or speculative trading, rather than broad-based fundamentals.
On the downside, Kaixin Holdings (KXIN) plunged over 88%, with FAT Brands Inc. (FATBP) and VenHub Global (VHUB) also suffering steep declines. Market participants cautioned that extreme percentage swings in thinly traded names can amplify volatility without reflecting wider market sentiment.
Trading Activity Concentrated in ETFs and Large Caps
Trading volumes remained elevated, particularly in leveraged exchange-traded funds. By share volume, ProShares UltraShort Silver (ZSL) and Direxion Daily Semiconductor Bear 3X (SOXS) topped the activity charts, highlighting aggressive positioning around commodities and semiconductor stocks. iShares Silver Trust (SLV) also saw heavy turnover as silver prices came under pressure.
In terms of dollar volume, activity was led by large-cap and index-linked names. Tesla Inc. (TSLA) gained over 3%, providing support to the broader market, while SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) ended lower, reflecting cautious sentiment around technology-heavy indices. NVIDIA Corp. (NVDA) also closed modestly in the red amid sector-level consolidation.
Market View
Analysts said the session reflected a two-speed market, where institutional money remained selective while retail-driven trades pushed volatility to extremes in niche pockets.
“High-volume activity in leveraged ETFs and sharp percentage moves in low-float stocks point to tactical trading rather than a decisive shift in market direction,” a senior market strategist said.
Investors are now expected to focus on upcoming macro data, corporate earnings updates, and guidance from policymakers for cues on near-term market direction.
