Meme Euphoria Fades as Losses Mount With 23% Drop From June Peak
- Individual investor fatigue grows as riskiest assets tumble
- Clover Health, GameStop headline group’s recent laggards
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A basket of retail traders’ favorite stocks of 2021 showed fresh signs of investor fatigue as the group extended losses past 20% amid a rotation into large-cap tech names.
The group of 37 so-called meme stocks tracked by Bloomberg fell 4.2% on Tuesday, marking a 23% decline from a June 8 high. Recent high-flier Newegg Commerce Inc. and AMC Entertainment Holdings Inc. have tumbled 32% and 15% respectively this week.