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Why Carvana Stock Stalled Today

Why Carvana Stock Stalled Today

Shares of online car buying company Carvana (NYSE: CVNA) were tumbling this morning after the company's price target was cut by an analyst yesterday. Investors are worried that the latest jobs data, which indicated the U.S. labor market is still strong, will encourage the Federal Reserve to continue aggressively raising interest rates to fight inflation. As a result, Carvana's stock was down by 9.2% as of 10:36 a.m. ET.