Speculative plays take a hit amid Omicron fears, Fed tightening bets

KOSS

06/12/2021 13:50

** "Meme" stocks, cryptocurrency names, EV makers shares are
among some of those taking a hit premarket on Monday
    ** GameStop  GME.N  and AMC Entertainment  AMC.N , leaders
of this year's retail trading frenzy which took their yearly
gains to around 1,000%, down 4.5% and 3.6%, respectively; Koss
Corp  KOSS.O , Marin Software  MRIN.O  and Clover Health
 CLOV.O  slip between 3.2% and 1% 
    ** "The thought of higher rates (hawkish Fed), makes
speculative assets less attractive" - Kenny Polcari, managing
partner at Kace Capital Advisors said in note
    ** Blockchain technology stocks Riot Blockchain  RIOT.O ,
Hut 8 Mining  HUT.O , Marathon Digital  MARA.O  and Bitfarms
 BITF.O  slide between 9.3% and 13%
    ** Electric vehicles which are surging in popularity amid a
rising interest in sustainable energy also down - Tesla  TSLA.O 
down 2.3%, as is recently listed EV maker Rivian  RIBN.O ; Lucid
Group tumbles  LCID.O  ~14%
    ** IO Biotech  IOBT.O , Airsculpt Tech  AIRS.O  and Doximity
 DOCS.K  which also recently debuted fall between 1% and 6.7%;
Renaissance IPO ETF  IPO.K  down 1.2% premarket after closing at
May lows on Friday 
    ** "Investors are using this as an opportunity to step in to
names that they're comfortable with, sort of the large cap blue
chip stocks and they're testing the market" - Robert Pavlik,
senior portfolio manager at Dakota Wealth Management
    ** Top Wall Street banks were among gainers  .N 

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))