Why Marqeta Stock Fell 4.1% Today
Marqeta (NASDAQ: MQ) took a hit on Tuesday as the stock price sank 4.1% on a day that all of the major indexes were down big. The Dow Jones Industrial Average was down roughly 1,296 points at the closing bell, a 3.9% drop, while the S&P 500 was down 4.3% and the Nasdaq dropped 5.2% for the day.
Marqeta actually got some good news on Monday, but it was not enough to offset the market sell-off on Tuesday.
The August consumer price index (CPI) report was not what investors had hoped for. There was much anticipation after a series of sharp interest rate increases by the Federal Reserve over the past few months that inflation would start moving downward, but the August CPI showed that inflation ticked up 0.1% from July. While gas prices were down 10.6% in the month, food, shelter, and medical costs were all up, driving inflation slightly higher. Also, the core CPI, which excludes food and energy costs, was up 0.6% in August over July.
Source Fool.com
