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Why Appian Stock Was Sinking Today

TheMotleyFool

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Why Appian Stock Was Sinking Today: https://g.foolcdn.com/editorial/images/702083/cloud-computing-data-storage.jpg

Shares of Appian (NASDAQ: APPN) were falling today, in line with a broad sell-off in growth stocks after the Federal Reserve raised the federal funds rate 75 basis points to 3%-3.25% yesterday.

Though there was no company-specific news out on Appian today, the interest rate hike and comments from Fed Chair Jerome Powell that rate hikes would persist until inflation was brought under control pushed Appian shares lower.

As of 2:03 p.m. ET, the stock was down 6.6%.

Source Fool.com

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