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Photo: Tiffany Hagler-Geard/Bloomberg via Getty Images

Wall Street had its worst week since October as day traders bid up stocks for GameStop, AMC and others that gained popularity on Reddit.

Details: The S&P 500 fell more than 1.9% on Friday. All of the major averages fell more than 3% this week.

Why it matters: The broader market sell-off comes amid historic trading activity in a basket of so-called "meme stocks."

  • GameStop's shares jumped 400% this week and 1,600% this month, while AMC gained 280% this week.
  • Wall Street short-sellers, i.e. those betting these stock prices will fall, suffered losses as high as $19 billion, per the New York Times.

Between the lines: The markets are still near all-time highs, having fully recovered from last year’s coronavirus sell-off.

What to watch: Investors are also increasingly concerned about the coronavirus vaccine rollout as shortages become more apparent around the world.

Go deeper: SEC says it will "closely review" restrictions on Reddit-fueled stocks

Go deeper

Jan 29, 2021 - Technology

How Reddit explains the GameStop saga

Illustration: Aïda Amer/Axios

Retail investors’ battle against short sellers who had bet against GameStop and AMC — and other heavily shorted stocks with depressed share prices — offers a window into what happens when Reddit culture spills out into the real world.

The big picture: Reddit is a microcosm of mainstream internet culture, a massive clearinghouse for all sorts of interests that's populated mostly by young men with a vaguely anti-establishment bent. That's caused major trouble at times, but is now propelling a populist-progressive unity movement that's rattling Wall Street.

Felix Salmon, author of Capital
Jan 29, 2021 - Economy & Business

SEC says it will "closely review" restrictions on Reddit-fueled stocks

Photo: Olivier Douliery/AFP via Getty Images

The Securities and Exchange Commission on Friday warned Robinhood and other brokerages that it will "closely review" actions they took on Thursday that prevented investors from buying stock in GameStop and other popular Reddit-fueled stocks.

Why it matters: The move from Robinhood generated anger across the political spectrum and among small investors who wanted to participate in one of the most exciting stock-market trades of the moment.

Dion Rabouin, author of Markets
Jan 29, 2021 - Economy & Business

Making sense of the GameStop circus

Illustration: Aïda Amer/Axios

It's probably fair to say that Thursday was one of the crazier days in the history of financial news.

What happened: Robinhood, which has become synonymous with retail trading and the parabolic rise of stocks like GameStop and Tesla, shut down the ability of its users to buy (but not to sell) some of the platform's most popular names.