Why C3.ai Stock Sank Today
The artificial-intelligence software company's share price closed out Friday's daily session down 4.5%, while the S&P 500 index ended the session up roughly 0.5%, the Dow Jones Industrial Average climbed 0.6%, and the Nasdaq Composite index was flat on the day. While the broader market saw gains Friday, and there doesn't appear to have been any business-specific news behind the sell-off for C3.ai, investors have swung back to being more cautious about growth stocks. Valuations for growth-dependent software companies soared late last week as investors bet that the Federal Reserve would move away from large interest rate hikes following a better-than-expected round of inflation data, but the bullish spurt proved to be short-lived and gave way to retracement for many companies this week.
Published:11/18/2022 10:25:45 PM