The stock market has investors, traders, and speculators who all buy and sell equities. At times their actions are irrational. We saw this in the Gamestop (GME) price as it rose to $483 intraday on January 28th and then fell back to $42.40 on February 22nd. Today it is at $265. This for a stock that has no earnings and sales shrinking every quarter for the last two years. Or more recently AMC Entertainment stock (AMC) a company that lost hundreds of millions of dollars and won’t make money again until maybe 2023. Its price spiked when it offered millions of more shares to the public to buy. The price went from $12.17 per share on May 24th to a high of $72.62 on June 2nd. Shareholders were being diluted by millions of more shares issued by the company the stock went up? These are totally irrational price movements speculators pushed.
Decide what kind of market participant you want to be, investor, trader, or speculator. The only one of these three that consistently make money over time is an investor.