The Daily Money: Will GameStop come crashing down?

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usatoday.com

The Daily Money
ALL THE MONEY NEWS YOU NEED TO KNOW
 
Friday, January 29

Happy Friday, Daily Money subscribers, it's Nathan Bomey once again. Let's dive right into it.

Total chaos. That summarizes what's happening in the markets with stocks like GameStop and AMC, which have been experiencing astonishing volatility.

This morning, GameStop shares briefly doubled after tumbling yesterday. Then they declined again. Investors have been rallying on Reddit: Here's how that happened.

Thursday was particularly tumultuous as the investment app Robinhood set off a firestorm when it temporarily restricted investors from buying shares of GameStop, AMC and several other companies.

Retail investors have been celebrating a short-term victory as they've caused losses for sophisticated Wall Street investors who shorted the stocks. But some are already warning that losses are coming.

In fact, it could get really ugly.

Could it affect your 401(k) account? Check out our story.

On to more Money & Tech news below.

--Nathan Bomey, USA TODAY Money reporter
This photo illustration shows the logos of video game retail store GameStop and trading application Robinhood in a computer and on a mobile phone in Arlington, Virginia on January 28, 2021.
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