Why Skillz Stock Dropped Today
Shares of mobile-gaming platform Skillz (NYSE: SKLZ) dropped sharply on Wednesday, as did shares of many other high-growth companies. As of 3:30 p.m. EDT, Skillz stock was down more than 5% for the session. The company didn't report any news, which has some traders blaming the drop on market uncertainty caused by the Federal Open Market Committee (FOMC).
Today at 2 p.m. EDT, the FOMC was scheduled to release the minutes from its meeting in mid-June. Whenever there's a high-profile meeting to discuss fiscal policy, investors tend to get jumpy. Consider that the S&P 500 is up 37% over the past year despite the challenges from the COVID-19 pandemic. But many investors attribute these market gains to federal policy. Therefore, they're fearful a change could cause a market correction.
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Source Fool.com
