Why Carvana Stock Slammed On the Brakes Today
Shares of Carvana (NYSE: CVNA), the online used-car retailer, fell hard today after the latest monthly Bureau of Labor Statistics report showed that inflation increased faster than expected in August.
Carvana investors were likely keeping a close eye on the latest inflation data as rising costs influence used-car prices and consumer spending. The company's share price had fallen 12.9% as of 2:46 p.m. ET on Tuesday, after rising by nearly 15% just the day before.
The inflation report caught investors off guard today as some economists were expecting inflation to fall in August by 10 basis points. Instead, it increased by that amount and was up by 8.3% year over year.
Source Fool.com
