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Good morning. With the exception of the dollar, the screens are a blur of red this morning. Bitcoin, crude, gold, global stocks, U.S. futures—they’re all faltering. Not even Reddit bulls can muster the magic to extend the GameStop rally.

At the close of trading yesterday there were mounting worries that the GameStop squeeze was hitting the wider markets. As futures plunge this morning, that concern is morphing into legit fears.

In today’s essay, I dig deeper into the phenomenon of viral stocks like GameStop, and what it means to your portfolio.

But first, let’s see what’s moving the markets.

Markets update


  • The major Asia indexes are slumping in afternoon trading, with Hang Seng down 2.6%.
  • The GameStop effect is going global with retail investors from Sydney to Amsterdam bidding up stocks to catch out short investors. One winner from the increased volatility this…

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