Why Square Stock Fell 5.1% Today

Shares of fintech giant Square (NYSE: SQ), soon to be known as Block, fell as much as 5.1% on Thursday as many growth stocks lost momentum. Shares are down 3.4% at 12:20 p.m. ET and have been bouncing near their lows for the day.

The biggest news of the day was that U.S. unemployment claims were just 184,000 last week, the lowest since 1969. A strong labor market is good for the economy, but it could also mean things like higher inflation and the Federal Reserve trying to push interest rates higher.

Image source: Square.

Source Fool.com