Why Shares of Block Are Volatile Today
Shares of Block (NYSE: SQ), the company formerly known as Square, traded with volatility today as the afternoon got underway. The stock fell 4% this morning and then was 1.6% up, as of 12:10 p.m. ET. There is no obvious reason for the move.
Like many growth stocks, Block has struggled as the Federal Reserve has moved to end its bond purchases started early in the pandemic and then raise interest rates, potentially as soon as March now. The Fed also noted yesterday in its minutes that it may move to shrink its balance sheet, effectively removing liquidity from the system, soon after it begins rate hikes.
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Source Fool.com
