Why Roku Stock Was Down on Tuesday
Roku (NASDAQ: ROKU) shareholders lost ground, thanks to a falling market on Tuesday. Shares were down 6% by 1:30 p.m. ET, compared to a 3.1% drop in the S&P 500. That decline added to big short-term losses for the streaming-video giant. Its stock is down 70% so far in 2022.
This was powered by increasing pessimism on Wall Street about a potentially steep recession that may be on the way.
The latest government statistics indicated that inflation stayed stubbornly high in August, and that news pushed the wider market down. The Nasdaq index, home to Roku and many other tech specialists, fell nearly 4% on Tuesday. The biggest factor driving Roku lower was that wider market drawdown.
Source Fool.com
