Bullish’s stock more than doubles with its opening trade, then rises further, in a sign that investors are still clamoring for crypto exposure.

In a record rally, shares of Paramount Skydance Corp. are up more than 40% in afternoon trading to lead the S&P 500 index. The dramatic jump in the media company’s share price has sparked meme-stock comparisons and comes just weeks after Opendoor Technologies Inc.

Paramount Skydance was the biggest gainer and one of the most active stocks in the S&P 500 on Wednesday. A flurry of excitement around the recently formed media conglomerate is sending shares skyrocketing.

After shares of the new Paramount Skydance shot up double digits, Wall Street watchers compared it to a meme stock.

U.S. stock index futures rose on Tuesday after largely in-line consumer prices data kept bets of a Federal Reserve interest rate cut in September in tact.

Canada’s main stock index climbed on Tuesday, buoyed by mild US inflation data that strengthened expectations for a potential interest rate cut by the Federal Reserve in September. The mining sector was the top gainer for the TSX,