Why Carvana Stock Fell Hard Today
Shares of the online car-buying company Carvana (NYSE: CVNA) were falling once again today, after plunging 20% just last week. There wasn't any company-specific news driving the stock down today. Instead, investors were likely following the broader market slide today as the Nasdaq Composite fell 0.6% and the S&P 500 tumbled 0.9%.
Fears of a potential recession among investors likely helped drive Carvana's share price down 6.7% today.
Carvana investors have been particularly on edge lately as they process macroeconomic news. Any slowdown in the U.S. economy would be bad for used-car sales, and right now, investors don't like what they see.
Source Fool.com
