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Reddit frenzy stabilises as meme stocks’ moves sync with S&P 500

Sumary of Reddit frenzy stabilises as meme stocks’ moves sync with S&P 500:

  • A basket of 50 stocks that were placed on a restricted trading list by Robinhood Markets at the height of January retail trading mania is now moving in the same direction as the S&P 500…
  • GameStop Corp shares, the embodiment of the Reddit-induced frenzy, flipped from a negative to positive correlation on Wednesday…
  • Extreme movements The return of a positive relationship is one small sign that trading in the shares has returned to some form of normalcy, with macro market forces such as surging Treasury yields and $1.9-trillion of stimulus funds flowing into the economy now getting at least a modicum of attention…….

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