Why Marqeta Stock Is Down Today
Shares of Marqeta (NASDAQ: MQ), a card issuer and payments processor, were falling today, just one day after its share price jumped 9%. Today's decline likely comes as investors processed new jobs data that showed the labor market continues to be strong.
While that's good news for people looking for jobs, it also makes it more likely that the Federal Reserve will continue hiking the federal funds rate -- which has tech investors worried. As a result, Marqeta's stock fell 4.7% as of 3:10 p.m. ET.
The Department of Labor said earlier today that there were 193,000 jobless claims for the week ending on Sept. 24, which was lower than analysts' estimates of 215,000. A tight labor market is good for job seekers but also means that the Fed will be less worried that interest-rate hikes will hurt the economy.
Source Fool.com
