Why GigaCloud Stock Slumped This Week
Shares of GigaCloud Technology (NASDAQ: GCT), a business-to-business (B2B) e-commerce company, fell this week as investors processed the news of the Federal Reserve raising interest rates by another 75 basis points.
The latest interest rate hike, and hikes from other central banks around the world, are causing investors to worry about the state of the global economy. As a result, GigaCloud's stock was down by 16.2% this week through early Friday, according to data provided by S&P Global Market Intelligence.
This week, the Federal Reserve made its third consecutive 75-basis-point hike to the federal funds rate, and said that it would continue to raise benchmark interest rates in 2023.
Source Fool.com
