Market Volatility Masks Calm Surface

The stock market has been experiencing wild swings in individual stocks, despite a relatively calm overall market. Companies like Intel and Nvidia have seen significant price fluctuations, with shares rising and falling by thousands of percent.

For example, Intel's share price rose fivefold over the past year but then plummeted more than 40% before rebounding 25% in just five trading sessions. SanDisk, another chipmaker, saw its value surge almost 5,500% before falling nearly 60% and then recovering 26% in a single day.

This volatility is not limited to smaller companies. Even the world's largest companies like Apple, Amazon, Alphabet, and Microsoft have seen their stock prices fluctuate rapidly.

Owen Lamont of Acadian Asset Management compares this market to a duck: calm above the surface but paddling furiously underneath. He calls it 'Crazy Legs'.