Reality (and GameStop) finally hits ASX

The S&P/ASX 200 Index (ASX: XJO) has just endured its worst week since October last year, in a drama-filled week for the ages. Despite this, the index ended up giving investors its fourth month of positive momentum in a row. 

As per usual, it was ASX banks and resources shares that were behind the week’s poor performance. Lower iron ore prices and a ‘risk-off’ turn in investor sentiment contributed to last week’s falls.

But all of this was overshadowed by one of the strangest and most-FOMO inducing events the markets have seen in living memory. It all revolved around a formerly-little known United States company called GameStop Corp (NYSE: GME). We covered some of the complicated machinations that took place around this…