Why GameStop Stock Is Tumbling 13% Today
Oof! Shares of GameStop (NYSE: GME) were plummeting 12.7% in morning trading Monday on no news specific to the video game retailer, but it follows the 22% spike in its stock last Friday (it closed up 7% at the end of the day) after it announced it was getting into the non-fungible token (NFT) market in a big way.
Easy come, easy go, but the Dow Jones Industrial Average is tumbling by more than 500 points, and the S&P 500 is giving up 85 points, about a 1.5% loss for both indexes. The markets are reacting to expectations the Federal Reserve will start hiking interest rates as soon as March -- meaning there could be as many as four rate hikes this year -- as inflation continues to spiral higher.
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Source Fool.com
