Reddit

Wednesday

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<p class="has-drop-cap">Meme stocks, including Reddit (NYSE: RDDT), Trump Media &amp; Technology Group (NASDAQ: DJT), AMC Entertainment Holdings (NYSE: AMC), and GameStop (NYSE: GME), experienced significant declines on Wednesday following the release of the <a href="https://www.bls.gov/news.release/cpi.toc.htm" target="_blank" aria-label="March Consumer Price Index (CPI) report (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">March Consumer Price Index (CPI) report</a>. <br><br>The S&amp;P 500 Index (<a href="https://tokenist.com/the-bull-and-bear-case-for-spx-in-2024/" rel="noopener noreferrer nofollow" class="deco-link">SPX</a>) also retreated amidst growing economic uncertainties and investor anxiety over inflation figures.</p>
<h3 id="shares-of-reddit-djt-amc-and-gamestop-continue-to-dip">Shares of Reddit, DJT, AMC, and GameStop Continue to Dip</h3>
<p>At the time of writing, Reddit’s stock, which has been volatile since its <a href="https://tokenist.com/reddits-upcoming-ipo-upsides-and-downsides/" rel="noopener noreferrer nofollow" class="deco-link">IPO</a>, faced a 5.36% drop, with shares trading at $42.59. Similarly, <a href="https://tokenist.com/trump-media-technology-group-djt-stock-tumbles-amid-legal-troubles/" class="deco-link" rel="noopener noreferrer nofollow">DJT shares</a> saw a sharp decline of 6.89%, closing at $34.89, underperforming relative to the initial hype it received. <br><br>AMC Entertainment Holdings and GameStop, two of the most prominent <a href="https://tokenist.com/investing/meme-stocks/" rel="noopener noreferrer nofollow" class="deco-link">meme stocks</a> from the previous year’s trading frenzy, also experienced significant losses. AMC’s stock price dropped by 4.55% to $2.8350, now 99% below its all-time high, while GameStop’s stock closed at $10.89, down by 1.09%, well below its previous highs.</p>
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<h3 id="march-cpi-print-spooks-investors-spx-drops-over-1">March CPI Print Spooks Investors; SPX Drops Over 1%</h3>
<p>The March CPI report indicated that consumer prices rose by <a href="https://tokenist.com/inflation-persists-as-consumer-price-index-rises-in-march-up-0-4/" rel="noopener noreferrer nofollow" class="deco-link">0.4%</a>, contributing to ongoing inflation pressures. <br><br>Significant impacts were noted in sectors such as housing and utilities. Year-over-year inflation remains concerning, prompting expectations of tighter monetary policy responses from the Federal Reserve. The broader market, represented by the S&amp;P 500 Index, retreated by 62.01 points, or 1.19%, to close at 5147.90.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em><br></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/meme-stock-rout-continues-as-inflation-report-spooks-investors/">Meme Stock Rout Continues as Inflation Report Spooks Investors</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Meme Stock Rout Continues as Inflation Report Spooks Investors

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