Motley Fool
Why Roku, Snowflake, and DraftKings All Fell More Than 6% Today
Shares of Roku (NASDAQ: ROKU), Snowflake (NYSE: SNOW), and DraftKings (NASDAQ: DKNG) were all trading more than 6% lower at points on Monday, December 13, before slightly recovering. First, they are all very high-multiple growth stocks. It appears traders are fearful of this week’s Federal Reserve meeting in which officials may decide to speed up the pace of financial tightening, which could harm these types of stocks, both financially and in terms of valuations. Federal Reserve officials will meet over Tuesday and Wednesday, and will likely discuss a faster tapering of their bond purchases, reflecting comments from Federal Reserve Chair Jerome Powell earlier this month.