Why Square Stock Dropped 8.8% Today

Shares of fintech stock Square (NYSE: SQ) fell as much as 8.8% in trading on Monday as the market continued to sell off growth stocks. As of 2:30 p.m. ET today, shares were still down 6.6% for the day.

The biggest news of the day is that growth stocks are selling off broadly. President Biden officially announced that he would nominate Jerome Powell to serve a second term as chair of the Federal Reserve. The market generally sees this as meaning that the Fed will keep interest rates low to improve employment, which could lead to inflation.

Image source: Square.

Source Fool.com