Stock market today: Dow, S&P 500, Nasdaq slide as Netflix sinks, Tesla earnings loom

Krispy Kreme (DNUT) stock soared on Wednesday as it got scooped into the return of the meme stock frenzy.

Shares spiked more than 30% at the market open and were trading about 20% higher as of 10:45 a.m. ET.

“This is a throwback to 2021 … the hope, dreams, themes, and memes kind of environment that we were navigating in that time frame,” Matt Stucky, Northwestern Mutual Wealth Management’s chief portfolio manager, told Yahoo Finance.

Joining the likes of Beyond Meat (BYND), the company’s ticker page has been among the most active on the Yahoo Finance platform. On Wednesday morning, Krispy Kreme’s stock trading volume spiked to nearly 200 times the 20-day average for this time of day.

Krispy Kreme’s stock has been on a wild run in the past month after falling more than 67% in the past year. The doughnut maker has struggled to entice traditional investors following the fallout of its partnership with McDonald’s (MCD).

On Tuesday, though, NASCAR announced a sponsorship deal with Krispy Kreme. Last week, Krispy Kreme announced plans to open its first shop in Spain, along with plans for new stores in Brazil and its first location in Uzbekistan, expected to open by the end of 2025.