Why Block Stock Was Falling Today
Shares of Block (NYSE: SQ) were tumbling today along with the broad market as the fintech stock was hit by a number of different concerns today.
Block was down 10.5% as of 10:38 a.m. ET, while the Nasdaq had fallen 3.8% at the same time.
Growth stocks were falling sharply as the S&P 500 entered a bear market, and investors prepared for faster interest rate hikes and a greater risk of a recession. As a small-business lender and payments processor, Block, which was formerly known as Square, is particularly at risk, as higher interest rates make it harder for businesses to borrow and grow, as does an increased risk of a recession.
Source Fool.com
