Why Airbnb Stock Rose Initially, Then Pulled Back Today
Shares of Airbnb (NASDAQ: ABNB) rose by as much as 4.8% Tuesday as the broader market got off to a strong morning start. Some investors may have also been paying attention to comments from Truist Securities analysts highlighting that hybrid work could add $54 billion in bookings for travel companies like Airbnb.
But by mid-afternoon, the stock had given up some of those initial gains as investors continued to worry about the state of the U.S. economy. The stock was up by 2% as of 2:48 p.m. ET.
Investors began the day in a generally optimistic mood. Some of that may have been due to comments from Federal Reserve Bank of Chicago President Charles Evans, who said during an interview on CNBC that he wondered if the Fed was raising rates too quickly.
Source Fool.com
