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Why Block Stock Was Down on Wednesday

TheMotleyFool

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Why Block Stock Was Down on Wednesday: https://g.foolcdn.com/editorial/images/709754/person-looking-concerned.jpg

Block (NYSE: SQ) was dropping on Wednesday as the stock price fell as much as 6.4% at 11 a.m. ET. By 3:35 p.m. ET, it was still trading about 6.3% lower, at $68.76 per share.

It was a down day overall on Wall Street, as all the major indexes were moving lower, led by the Nasdaq Composite Index, which was off about 1.6%.

Block actually had some good news on Wednesday, as another economic indicator beat expectations. Retail and food services sales were up 1.3% in October compared to the previous month and 8.3% compared to October 2021, according to the Census Bureau. That increase was better than the 1% one economists expected.

Source Fool.com

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