Why Skillz Stock Is Stumbling This Morning
Skillz (NYSE: SKLZ) shareholders can't catch a break these days. Shares of the mobile gaming platform plunged this morning on no company-specific news. Instead, it appears investors are growing increasingly concerned that the Federal Reserve will continue to increase interest rates at the expense of the U.S. economy.
As a result, Skillz shares are down by 8.4% as of 11:00 a.m. ET.
Investors are looking ahead to the next few days, as the Consumer Price Index report will come out on Thursday, and retail sales data for September will be released on Friday. Investors aren't optimistic about the state of the economy, and Skillz shareholders are worried that the data will show a weakening economy, which could put pressure on the company's gaming business.
Source Fool.com
