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Stock markets around the world are reeling from Reddit traders' volatile trading over the past week. How the speculative activity continues could determine whether the trend pops with little lasting impact or sparks a new discussion over economic equality.
What began as an effort to profit from a short squeeze has since exploded into a national debate on market access. Retail traders coordinating on Reddit forums like r/wallstreetbets lifted GameStop, AMC, and other highly shorted stocks, hoping to profit as funds covered their short positions.
The group ultimately beat Wall Street at its own game. Their trades drove billions of dollars in losses across short-selling hedge funds and left Wall Street's old guard reeling.
Actions taken Thursday by several brokerages further stoked the day-trader movement. Robinhood, Interactive Brokers, and others restricted trading of the volatile stocks, arguing the moves protected them and their clients from outsize risk. Congress is now set to hold hearings on the matter as members allege the trading platforms stifled the individual investor for the benefit of the Wall Street establishment.
Join us Tuesday, February 2, 2021 at 1:00 p.m ET as deputy editor Joe Ciolli and markets and economy reporter Ben Winck discuss the GameStop phenomenon, Wall Street Bets' influence, and how the Reddit-fueled trade might end.
You can sign up here.
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Monday, February 01, 2021
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