Why Airbnb's Stock Was Volatile Today
Shares of Airbnb (NASDAQ: ABNB) fell this morning after the latest inflation data showed that consumer prices rose higher than expected in September.
That bad inflation news caused the S&P 500 to fall 0.6% and the tech-heavy Nasdaq Composite to drop 1.2% this morning, pushing the travel stock down by as much as 6.3% early in the trading day. Airbnb shares bounced back slightly and were down 1.3% as of 11:19 a.m. ET.
The Bureau of Labor Statistics released its latest inflation data today that showed consumer prices increased by 0.4% in September, which was higher than the 0.3% that analysts were estimating. On an annual basis, consumer prices increased by 8.2% and remain at a nearly 40-year high.
Source Fool.com
