Why Roku, Snowflake, and DraftKings All Fell More Than 6% Today
Shares of Roku (NASDAQ: ROKU), Snowflake (NYSE: SNOW), and DraftKings (NASDAQ: DKNG) were all trading more than 6% lower at points on Monday, December 13, before slightly recovering.
While each of these companies plays in a different part of the economy, they do share some things in common. First, they are all very high-multiple growth stocks. Second, each is exposed in a certain way to discretionary consumption.
It appears traders are fearful of this week's Federal Reserve meeting in which officials may decide to speed up the pace of financial tightening, which could harm these types of stocks, both financially and in terms of valuations.
Source Fool.com
