Happy Friday! Figma soared more than 250% on its first day of trading and became the talk on Wall Street. The company is drawing comparisons to the biggest meme stock rallies, with some experts calling it a 'Meme Stock Beyond All Comprehension.'

Also, be sure to check out one of the biggest turnarounds in stock market history as this company nearly went bankrupt with shares declining 99%, before recovering and soaring more than 11,000% in just two years — and there’s more room to run. Here are all the details.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Figma Surges 250% In IPO Debut — Why It Could Become A 'Meme Stock Beyond All Comprehension'

Figma's blockbuster IPO is turning heads on Wall Street as the software company saw its shares surge more than 250% on its first day of trading to bring its market cap to $68 billion — more than triple its valuation in 2023 when Adobe tried to acquire the company for $20 billion.

Now publicly traded and boasting tech giants as clients, Figma is capturing the attention of traders and hedge funds alike. And with social sentiment analytics now powering nearly half of hedge fund strategies, the stage may be set for a meteoric, meme-driven rise.

Some analysts are already floating the idea that Figma could morph into a meme stock "beyond all comprehension.” So far, so good, as shares have stayed hot, up more than 25% in the after-hours session.

How high can Figma go? Read on for all the insights and analysis in what could become the biggest meme stock yet.

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Yesterday: U.S indexes ended at the lows on Thursday as early gains from Big Tech faded, with the S&P 500 falling for the third consecutive day. Both the S&P 500 and Nasdaq touched intraday records before retreating, as enthusiasm over Microsoft and Meta’s upbeat results failed to lift the broader market. Despite Thursday’s pullback, the S&P 500 and Nasdaq closed out July with gains of 2.3% and 3.7% — marking the third straight monthly gain for the S&P and fourth for the Nasdaq. Trade tensions escalated with new tariffs on South Korea and India, though copper prices tumbled after it was exempted from planned duties. June personal spending rose just 0.1%, and core PCE inflation increased 0.3%, in line with expectations.

On Our Radar: Analysts will be watching a number of key reports throughout the day with data expected on unemployment, hourly wages, ISM and PMI manufacturing, construction spending and consumer sentiment. On the earnings front, Lowes (LOW), On Semiconductor (ON), Tyson Foods (TSN) and Wayfair (W) will headline a slate of major earnings reports that will be released before the market opens on Monday.

Shares of eBay were soaring after reporting Q2 results topping analyst expectations and providing a bullish outlook. But that wasn’t the only big mover of the day. Read on to see what’s moving markets.

Discover how the market is moving with our interactive heatmap — filter by market cap and zoom in for deeper insights. Click any box to explore specific sectors or assets in detail.

Ask "Why is NVDA up 8%?" and get real market data, not generic responses. Benzinga AI is trained on trading patterns and live market intelligence.

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On This Day In 1995…

Westinghouse Electric Corporation announced a $5.4 billion acquisition of CBS Inc., marking one of the largest media deals of the decade. The move signaled Westinghouse’s dramatic pivot from its industrial roots to the broadcasting world, giving it control of one of America’s three major television networks, along with a nationwide portfolio of radio and TV stations. The acquisition reflected a growing trend of media consolidation in the 1990s as companies sought to combine content creation and distribution. Within a few years, Westinghouse exited its industrial businesses entirely and rebranded as CBS Corporation, completing its transformation into a pure media company. The deal laid the groundwork for the wave of mega-mergers that would reshape the media landscape in the decades to follow.

QUOTE OF THE DAY

“Far more money has been lost by investors trying to anticipate corrections, than lost in the corrections themselves.“

— Peter Lynch

Carvana's Unbelievable Flip: Stock Crashed 99%, Then Exploded 11,000%

In a market full of surprises, Carvana’s rebound might just take the crown.

After plummeting 99% from its all-time high in 2021, the once-doomed used car retailer looked destined for bankruptcy. Fast-forward to today, and the stock has skyrocketed over 11,000%, and continues to make new all-time highs, leaving even seasoned investors stunned.

But this isn’t just another meme stock headline. Behind the massive rally is a strategic transformation. Read on to see how the company made the turnaround, and why experts believe the stock still has more room to run.

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