GameStop Stock and Crypto Rebounded From Heavy Losses Monday

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GameStop stock ended Monday with a loss of nearly 7%, but was well off its lows.

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Justin Sullivan/Getty Images

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The start of the new year has been tough for meme stocks and cryptocurrencies. The pain continued on Monday, albeit with little relief.

GameStop (ticker: GME) stock fell 6.8% on Monday to close at $131.15. The high-profile meme stock is still up 558% from 52 weeks ago, but down about 12% to date. Shares traded for at least $120 on Monday, according to Dow Jones market data, which was GameStop stock’s lowest intraday level since March 25, 2021, when it hit $116.90.

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The rebound came as the broader market rallied in the final hours of the day. The Nasdaq Composite Index which was down 2.72% to its low on Monday, ended with a marginal gain to make its biggest intraday comeback since February 28, 2020.

AMC Entertainment Holdings (AMC) stock fell 0.9% to close at $22.78. Shares traded as low as $21.25, or 7.6%, before participating in a broader rebound. Shares of the movie-theater chain are up 935% from 52 weeks ago, but are down 16% year to date.

Shares of Bed Bath & Beyond (BBBY), another stock that exploded last year amid interest on Reddit forums, also fell 5.7% on Monday to close at $13.01. According to CoinMarketCap, meme crypto such as Dogecoin and Shiba Inu fell 5.6% and 6.4%, respectively.

While meme stock and crypto investors are used to daily price volatility, the recent skid for popular meme investments has led to rising 10-year Treasury yields and expectations among Federal Reserve watchers about tightening monetary policy. have followed. In other words, some Wall Street traders might bet that the end of easy-money policies could curb meme trading.

Write to Connor Smith at [email protected]

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