CVNA - To What Extent Did Carvana Stock Fall Today?

October, 06 2022 05:13 AM Carvana Co. Class A

Carvana ( NYSE:CVNA )

Following a price target reduction by an analyst yesterday , shares of online auto retailer Carvana ( NYSE:CVNA ) were plunging this morning. While investors digest the recent employment statistics, the market is probably declining. Therefore the Carvana stock price is likely to follow suit.

The latest employment statistics showed that the U.S. labor market is still robust, making investors afraid that the Federal Reserve may raise interest rates further to combat inflation. Therefore, as of 10:36 AM ET, shares of Carvana had dropped 9.2%.

What’s the Reason?

Even though the S&P 500 lost more than 9% in September, investors drove most equities higher yesterday. Possible buyers who felt the market had bottomed out were disappointed.

Carvana ( NYSE:CVNA ) jumped by 8% as a consequence. Still, it is down today as investors digest employment statistics from Automatic Data Processing showing that firms created 208,000 positions in September, above some analysts’ estimates.

Though this encourages the jobless, investors fretted that the Federal Reserve would see the robust job market as evidence that the economy can sustain more interest rate rises.

Investors in Carvana stock are worried that the continued rise in interest rates would have a chilling effect on the economy, leading some wou...

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Company Name:	Carvana Co. Class A
Stock Symbol:	CVNA
Market:	NYSE
Website:	carvana.com