Why Amazon, Shopify, and MercadoLibre Stocks All Fell Today
Amazon (NASDAQ: AMZN), Shopify (NYSE: SHOP), and MercadoLibre (NASDAQ: MELI) were all diving today after the September Consumer Price Index (CPI) came in hotter than expected.
Wall Street was eagerly anticipating the report, as the inflation number is one of the biggest factors impacting the Federal Reserve's decision on interest rates. With the month-over-month CPI up 0.4%, its fastest growth in three months, and the year-over-year number still high at 8.2%, it's clear that inflation continued to be a problem for the economy in September.
Core inflation, which excludes the more volatile categories of food and energy, was up 0.6% from August and 6.6% on a year-over-year basis, its highest mark in 40 years. That's a sign that even more stable categories like shelter, where prices increased 0.7% in just a month, are experiencing extraordinarily high inflation.
Source Fool.com
