Why GameStop, Foot Locker, and Michaels Companies Dropped Wednesday
GameStop (NYSE: GME), Foot Locker (NYSE: FL), and The Michaels Companies (NASDAQ: MIK) plunged today with only Foot Locker avoiding a 10% intraday drop, after comments from Federal Reserve Chair Jerome Powell shook the markets. Retailers, among other hard-hit industries during the COVID-19 economic slowdown, were hoping for a swift rebound in consumer activity as some states slowly reopen parts of the economy.