AMC, GameStop Lead Meme Stocks to Lowest Close Since January

 Thu, 6 January 2022, 5:09 am

(Bloomberg) -- AMC Entertainment Holdings Inc. and GameStop Corp. led a group of so-called meme stocks sharply lower on Wednesday amid a broad selloff that hit everything, from high-flying technology stocks to companies that went public via mergers with blank-check firms.

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AMC closed 11% lower in New York, while GameStop declined 13%, helping send the basket of meme stocks tracked by Bloomberg to its lowest close since Jan. 21 when the market was swept up in the rise of retail trader-driven surges.

U.S. equities deepened losses after minutes from the Federal Reserve flagged the chance of earlier and faster interest rate hikes. The S&P 500 fell 1.9%, while the tech-heavy Nasdaq 100 slid 3.1%.

The rout dragged other retail favorites lower, including Bed Bath & Beyond Inc. and Stem Inc., which both fell about 11%. De-SPACs, which are also quite popular with individual investors, slumped as a Bloomberg basket of 25 companies fell 6.1% to another record low.

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