CFLT - Why Confluent Stock Is Plummeting Today
The stock of Confluent (NASDAQ: CFLT) is plummeting again today. The company's share price was down 10% as of 3:30 p.m. ET on Wednesday. Meanwhile, the S&P 500 index was down roughly 1.5%, and the Nasdaq Composite index was down 2.1%.
Russia's moves into Ukrainian territory are prompting sell-offs across the market, and Confluent is getting caught up in the pullback. The company's share price had been up as much as 1.1% earlier in the day, but increasingly bearish momentum as the day progressed erased the gains and pushed it to a near double-digit sell-off.
The market is weighing Russia's actions in Ukraine and moving out of stocks, and some growth-dependent software companies have been particularly hard hit. Confluent stock has also generally been sliding since the release of the company's fourth-quarter earnings report on Feb. 10, and it's now down roughly 47% since the release.
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Why Confluent Stock Is Plummeting Today