The hottest IPOs aren’t looking so hot lately, thanks to a rush of defensive positioning amid a broader market rally.

Once-surging new issues like Beyond Meat Inc., Revolve Group Inc., Crowdstrike Holdings Inc. and Chewy Inc. are falling for the third consecutive session on Monday, despite the market’s push toward record highs. After a weeks-long buying frenzy in recent IPOs, traders are now selling these more volatile bets amid a broader shift to defensive positions.

The S&P 500 was testing its record Monday as Jerome Powell and colleagues signal easier monetary policy ahead. Rising stocks are usually a boon for recent IPOs, but investors appear to be locking in gains alongside other defensive-minded trades.

Over the past three sessions, Beyond Meat has lost 16% from its stock price and Chewy fell 8%. Double-digit declines in Crowdstrike and Revolve are both stocks’ worst three-day stretches since their recent debuts.

The very latest of new faces are also getting hit. Grocery Outlet Holding Corp., which opened 41% above its IPO price on Thursday, fell as much as 3% in early Monday trading. It’s joined by Stoke Therapeutics Inc., which popped 50% Wednesday as this year’s best start for a biotech or pharma IPO. Slack Technologies Inc., which jumped 49% from its reference price on Thursday, is also losing ground.

Skeptical investors who stuck to their guns while the IPOs surged are finally being rewarded. Short interest represents more than 50% of Beyond Meat’s public float, according to financial analytics firm S3 Partners. That figure is at 25% for Revolve and 13% for Chewy.