Why Symbotic Stock Plummeted This Week
Symbotic (NASDAQ: SYM) fell substantially over the last week of trading. The robotics specialist's share price ended the period down 15.5% from where it was at the previous week's market close, according to data from S&P Global Market Intelligence.
While there wasn't any business-specific news pushing Symbotic stock lower this week, the company's share price was pressured by macroeconomic and geopolitical factors. News about the Federal Reserve's latest meeting and intensifying tensions between the U.S. and China sent growth-dependent stocks tumbling this week, and the robotics company was caught up in the pullback.
Symbotic stock saw substantial sell-offs amid multiple macroeconomic and geopolitical pressures over the last week. Notes from the Fed's recent meeting suggested that interest rates could remain relatively high for longer than expected.
Source Fool.com
