Massive moves in stocks such as Kohl’s and Opendoor Technologies are raising questions over whether a new wave of meme stock trading is underway and what that signals about risk appetite more broadly.

Kohl's has faced tepid sales growth as it struggles to attract budget-conscious shoppers still hurting from elevated inflation. In May the retail chain, which has roughly 1,100 stores around the U.S., reported a fiscal first-quarter loss of $15 million and that net sales fell more than 4% from the year-ago period.

Conventional wisdom is out the door for some surging stocks as online hordes are bringing back meme stock mania.