Shares of financial technology (fintech) company Block (NYSE: SQ) fell on Thursday following disappointing retail sales data from the Census Bureau. For those who may not know, a large portion of Block's business is dependent on brick-and-mortar retail. According to data from the Census Bureau released this morning, U.S. retail and food-service sales were down -0.6% in November compared to October. Read More...
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Why Target Stock Was Sliding Today
Shares of Target (NYSE: TGT) were pulling back today on a weak November retail sales report and as the Federal Reserve, Bank of England, and European Central Bank all raised interest rates, increasing the chances that the global economy will enter a recession. This morning, the Census Bureau reported retail sales fell 0.6% from October to November, which was worse than expectations of a decline of 0.1%. Year over year, retail sales across all categories were up 6.5%.
