Why Melco Resorts Stock Tumbled 9% on Tuesday
Melco Resorts & Entertainment (NASDAQ: MLCO) got hit hard on Tuesday as its stock price was down as much as 12% in early afternoon trading. At the closing bell it was down 9.2% to $5.52 per share.
It was another rough day on the markets as the Dow was down 307 points, the Nasdaq dropped 134 points, and the S&P 500 fell 44 points. Some less-than-ideal economic news might have moved markets down, despite some potential good news for Melco, a hospitality industry stock.
The Bureau of Labor Statistics released its monthly Job Openings and Labor Turnover Survey (JOLTS) report, which showed that there were about 1 million more job openings in July than anticipated -- 11.3 million instead of the anticipated 10.4 million. This is another inflationary sign, as more job openings signal less hiring, which in turn means employers will have to raise salaries to attract workers.
Source Fool.com
