It’s a day of reckoning for the stock market’s retail favorites and speculative high flyers
Stocks up 80% over the past 50 days are down 8% today.
As the old investing axiom goes, past performance does not guarantee future results. Today, a track record of strong stock-market performance nearly guarantees a drubbing in the here and now.
There are 56 US stocks with a market cap of over $500 million that have gained at least 80% over the last 50 days. The average member of that group is down 8% today as of 10:30 a.m. ET. More than half are down at least 5% and two-thirds are off at least 3%.
Lowlights include:
The quantum-computing cohort of IonQ, Quantum Computing, Rigetti Computing, and D-Wave Quantum, getting slammed on the heels of comments from Nvidia CEO Jensen Huang
AI upstarts like Cerence, SES AI, BigBear.ai, and SoundHound AI
Other retail favorites like Red Cat Holdings and KULR Technology
Some in the cohort that are managing to buck the trend include Freddie Mac and Fannie Mae.
