U.S. Markets closed

Why Did Fitbit Stock Fall 6.90% on Friday?

Scarlett Ness
Why Did Fitbit Stock Fall 6.90% on Friday?

The 6.90% fall in the stock price was due to the ongoing tariff war between the US and China (MCHI), which is denting a lot of US tech stocks, including hardware and semiconductor companies. The recent $200 billion worth of tariffs on Chinese goods are expected to impact the US-based hardware market including key devices like Apple Watch, Fitbit trackers, and Sonos speakers. The trade tariff war could be a hurdle for smart speaker maker Sonos, which recently filed for an initial public offering to take on dominating players like Amazon (AMZN) and Alphabet’s (GOOGL) Google.