The financial markets faced a turbulent session, with meme stocks such as Reddit (NYSE:RDDT), Trump Media & Technology Group (NASDAQ:DJT), AMC Entertainment Holdings (NYSE:AMC), and GameStop (NYSE:GME) bearing the brunt of the sell-off. This downturn coincided with a broader market retreat, led by the S&P 500, in the wake of March’s Consumer Price Index (CPI) figures being made public.

In an environment increasingly wary of inflationary pressures, the revelation of March’s CPI data sent shockwaves through the investment community. This was reflected starkly in the performance of meme stocks, a category that captured the imaginations and portfolios of many retail investors over the past year.

As the markets processed the information, Reddit’s stock saw a notable decline, falling 5.36% to trade at $42.59. Trump Media & Technology Group wasn’t spared either, witnessing a 6.89% decrease to close at $34.89. This was a significant move away from the enthusiastic valuations it had initially garnered.

Moreover, AMC Entertainment Holdings and GameStop, symbols of the meme stock phenomenon, encountered marked downturns. AMC’s share price fell by 4.55% to $2.8350, now significantly adrift of its peak valuation. GameStop’s shares adjusted to $10.89, marking a 1.09% drop, a figure that reminisces little of its once lofty heights.

The broader S&P 500 Index was not immune to the day’s pressures, declining by 62.01 points, or 1.19%, ending the session at 5147.90. The CPI report, indicating a 0.4% rise in consumer prices, underscores the continuing inflation challenges, with notable increases in housing and utilities. This has set the stage for a potential tightening of monetary policy by the Federal Reserve, as it grapples with persisting inflationary trends.

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