Why Shares of Mastercard Were Dropping on Tuesday
Mastercard (NYSE: MA) stock dropped on Tuesday morning, falling as much as 3% at around 10:50 a.m. ET. The stock price rebounded slightly, but was still down about 2.6% at 2:40 p.m. ET, trading at $329 per share.
The decline was roughly in line with the Dow Jones Industrial Average, which was down roughly 1,005 points at 2:40 p.m. ET, or 3.1%, while the S&P 500 was down 3.4% and the Nasdaq was off 4.3%.
Mastercard, the second-largest credit card company and payment processor, was down on Tuesday due to the sell-off caused by the August consumer price index report (CPI). The CPI, which is an indicator of inflation, rose 0.1% over July. Year over year, it was up 8.3% in August. This was slightly lower than the 8.5% year-over-year increase in July, but it was above the 8.1% increase that analysts expected.
Source Fool.com
