Why Redfin Stock Was Sliding Today
Shares of Redfin (NASDAQ: RDFN) were pulling back today on a broad-market sell-off prompted by a hotter-than-expected personal consumption expenditures (PCE) index reading for January.
The PCE is the Federal Reserve's favored measurement for inflation, and Redfin is highly sensitive to mortgage rates and other macroeconomic factors that the Fed influences.
As of 10:57 a.m. ET, the stock was down 7.1%.
Source Fool.com
