Why GameStop Stock Slumped Today

Shares of GameStop (NYSE: GME) were down 6.2% on Monday after the broad U.S. stock indexes took a tumble in reaction to the China Evergrande Group (OTC: EGRNF) situation this weekend. The meme stock, which is now up 922% year to date, actually had some positive news announced today, but that still didn't prevent GameStop from selling off in line with the indexes. Since GameStop is a highly volatile meme stock, it is no surprise that it fell twice as much as the broad indexes on Monday.