The S&P 500 plunged 3.3 percent between Friday, January 22, and Friday, January 29. It was the biggest weekly decline since October, with 85 percent of the index’s members losing value. The selloff also dragged stocks into negative territory on a year-to-date basis.
The video-game retailer entered the session with a year-to-date gain of over 1,600 percent, propelled by a short squeeze of epic proportions. Seconds after 10 a.m. ET, it reached a high of $483. GME then reversed and plunged 77 percent to $112.25 by 11:25 a.m. before bouncing.
An upgrade by Goldman Sachs was the latest catalyst for the stock, already up 609 percent this year. Analyst Mark Delaney based his call on macro and micro factors.
Tesla Motors (TSLA) has traded in a tight range since late October, even as volatility swept the broader market. Some potentially important things have happened during that time, including a so-called “golden cross” chart pattern.