GameStop Corp. sank 47% to $118.84 as of 9:42 a.m. in New York. It’s now down 65% from its record close of $347.51 on Wednesday. AMC Entertainment Holdings Inc. slid 39% and Express Inc. lost 26%. Silver tumbled more than 5% after surging to an eight-year high.
The speculative activity hatched online has captivated global markets, drawing attention from U.S. politicians and overwhelming brokerages around the world. Now, the tide is turning.
“The short squeeze momentum met its inevitable end,” said Mark Taylor, a sales trader at Mirabaud Securities. “It seems reasonably clear that as the cheerleading and rage against the machine dies down, the man on the street is left holding the bag again.”
Posts on Reddit’s WallStreetBets forum, where last week day traders amassed to drive a furious rally in left-for-dead stocks heavily bet against by Wall Street, started to pile up with purported tales of big losses.