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Why Navitas Semiconductor Stock Plummeted This Week

TheMotleyFool

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Why Navitas Semiconductor Stock Plummeted This Week: https://g.foolcdn.com/editorial/images/873391/gettyimages-1278817813-copy.jpg

Navitas (NASDAQ: NVTS) stock saw a substantial valuation pullback this week, with it share price falling 7.6% across the stretch. Over the same period, the S 500 fell 2.6%, and the Nasdaq Composite declined by 4.7%.

Navitas had actually been strongly in the green earlier in the week thanks to bullish momentum for semiconductor stocks and news that Nvidia was featuring its tech at a conference, but the stock saw a strong bearish reversal to close the week. The Bureau of Labor Statistics (BLS) published its jobs report for May on Friday, and the print helped spur a huge sell-off for growth stocks.