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Why Carvana Stock Is Plunging Today

TheMotleyFool

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Why Carvana Stock Is Plunging TodayPhoto, wide shot, wide-angle lens, Bank, sunset photo at golden hour, photo by Art Wolfe: https://img.theapi.app/temp/3aa597ca-f944-4a9b-bf8d-3071f3b5a5c9.png

Shares of online car-buying company Carvana (NYSE: CVNA) tumbled this morning just one day after the Federal Reserve hiked the federal funds rate by an additional 75 basis points.

Carvana investors are likely worried that the Fed is pushing the economy closer to a recession and worry that an economic slowdown will hurt the company's business.

As a result, Carvana's share price plunged 10.1% as of 1:14 p.m. ET.

Source Fool.com

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