Why Carvana Stock Stalled Today
Shares of online car buying company Carvana (NYSE: CVNA) were tumbling this morning after the company's price target was cut by an analyst yesterday. The stock is likely also falling as the broader market reverses its gains from yesterday as investors process the latest jobs data
Investors are worried that the latest jobs data, which indicated the U.S. labor market is still strong, will encourage the Federal Reserve to continue aggressively raising interest rates to fight inflation. As a result, Carvana's stock was down by 9.2% as of 10:36 a.m. ET.
Investors pushed up most stocks yesterday after the S&P 500 fell more than 9% in September. Some investors may have thought the market was near its bottom and were ready to jump back into stocks.
Source Fool.com
