Why Navitas Semiconductor Stock Plummeted This Week
Navitas stock had been up big this week, but its gains collapsed.
Why Navitas Semiconductor Stock Plummeted This Week
Overview
Navitas (NASDAQ: NVTS) stock saw a substantial valuation pullback this week, with it share price falling 7.6% across the stretch. Over the same period, the S&P 500 fell 2.6%, and the Nasdaq Composite declined by 4.7%.
Navitas had actually been strongly in the green earlier in the week thanks to bullish momentum for semiconductor stocks and news that Nvidia was featuring its tech at a conference, but the stock saw a strong bearish reversal to close the week. The Bureau of Labor Statistics (BLS) published its jobs report for May on Friday, and the print helped spur a huge sell-off for growth stocks.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
- 51% of U.S. adults say the American Dream is out of reach for most people right now: CNBC survey
- A massive 16% market swing just rocked South Korea over 24 hours. The retail ‘ants’ holding the wheel are driving dangerously.
- I’m 60, retired with $3 million. My fiancée, 55, has $1 million but plans to work for the next 10 years. Are we compatible?
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
