Meme Stock Rout Continues as Inflation Report Spooks Investors

Meme stocks, including Reddit (NYSE:), Trump Media & Technology Group (NASDAQ:), AMC Entertainment Holdings (NYSE:), and GameStop (NYSE:), plummeted after the dropped following the release of the March CPI report.

Meme stocks, including Reddit, Trump Media & Technology Group, AMC Entertainment Holdings, and GameStop, experienced significant declines on Wednesday following the release of the March Consumer Price Index (CPI) report.

The S&P 500 Index () also retreated amidst growing economic uncertainties and investor anxiety over inflation figures.

Shares of Reddit, DJT, AMC, and GameStop Continue to Dip

At the time of writing, Reddit’s stock, which has been volatile since its , faced a 5.36% drop, with shares trading at $42.59. Similarly, DJT shares saw a sharp decline of 6.89%, closing at $34.89, underperforming relative to the initial hype it received.

AMC Entertainment Holdings and GameStop, two of the most prominent meme stocks 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.

March CPI Print Spooks Investors; SPX Drops Over 1%

The March CPI report indicated that consumer prices rose by , contributing to ongoing inflation pressures.

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&P 500 Index, retreated by 62.01 points, or 1.19%, to close at 5147.90.

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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

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