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Traders work at the New York Stock Exchange on Dec. 31, 2024.

NYSE

Crypto trades jumping. Roaring Kitty boosting meme stocks. Broader market ripping on no apparent catalysts.

Animal spirits are on the run at the dawn of 2025 trading.

Many speculative pockets of the stock market surged in early trading Thursday, the first session of the new year, right after the S&P 500 closed out the best two-year run since 1998.

Stocks tied to the price of bitcoin jumped as the cryptocurrency climbed back over $96,000. Microstrategy added 4% premarket after climbing more than 360% in 2024. Crypto-related companies Coinbase, Robinhood, Mara Holdings and Riot Platforms also traded higher after a big 2024.

Elsewhere, retail traders active on social media were busy playing a guessing game after online personality Roaring Kitty posted another cryptic message on X of a short clip of the late musician Rick James. Some believe the meme stock leader, AKA Keith Gill, was referring to Unity Software, whose stock soared 10% in premarket, while others think he’s back touting his original favorite GameStop, whose shares also caught a bid in premarket.

Meanwhile, semiconductor stocks — 2024’s big winners — helped lead the market again after the artificial intelligence trade lost some steam at the end of last year. Broadcom jumped 2% Thursday, while Nvidia gained 1.6%.

What’s more, golf stock Topgolf Callaway Brands jumped 8.5% on the back of an upgrade at Jefferies to buy from hold. The investment bank said shares of the golf equipment maker looked oversold and raised its price target to 65% above where the stock closed the year.

With a pickup in market speculation, broad stock futures were on the rise to kick off 2025. Dow futures advanced as much as 300 points. S&P 500 futures added 0.8%, and Nasdaq-100 futures rose 1%.

Thursday’s dramatic moves resembled the initial rallies on the back of Donald Trump’s election victory in November, as investors bet his pro-business policies would drive companies and the economy to strong growth. Those gains slowed toward the end of 2024 as concern grew that the president-elect’s protectionist policies could stir inflation or disrupt chains, and as the Federal Reserve signaled fewer interest rate cuts in 2025.

“Many investors assume that the incoming administration’s push for deregulation will unleash ‘animal spirits,'” Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, said in a recent note to clients. “But what if it only accelerates the concentration of monopoly power in the hands of a few, diluting the efficacy of broad economic measures and leaving behind even larger swaths of the populace?”