Top stocks on Robinhood brokerage get crushed

Bullish Robinhood retail investors were on a roll, but as the market momentum reversed on Thursdsay, some began to feel the squeeze. CNBC's Kate Rooney reports.

After reaping profits during the market’s rebound, some Robinhood traders are getting squeezed as the Dow violently reverses its winning ways with a 1,600-point plunge.

The most bought stocks on the free-trading app over the past 24 hours were all in the red Thursday, according to RobinTrack, which follows trading volume on Robinhood. The most bought name -- Ford Motor Company -- was down 9%, with some other top picks down double digits.

Robinhood traders had booked profits as stocks swung back into the green in recent weeks. The top names on the app, whose average client is 31, had some of the best returns in the past two months. Meanwhile, billionaire hedge fund managers who predicted stocks would retest their lows were left on the sidelines.

The Dow Jones Industrial Average plunged 6% Thursday and was heading towards its worst day since the March as coronavirus cases increased in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines. Traders dumped airlines, cruise operators and retailers after piling into those names over the past month amid expectations of a swift economic recovery.

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