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Block Inc. (NYSE:XYZ) shares are retreating during Thursday’s session. The decline follows a broader market sell-off affecting the technology sector.
Macroeconomic Pressures Weigh On Growth
The Nasdaq fell 1.30% while the S&P 500 shed 1.14% on Thursday. Technology stocks are also lower today. Investors are reacting to Wednesday’s Consumer Price Index report. Inflation held steady at 2.4% in February. This matched the economist’s estimates.
However, the data was collected before the war in Iran. That conflict has since pushed fuel prices sharply higher.
The stock is reacting negatively as concerns over inflation and higher rates stemming from the Middle East conflict darken the outlook for consumer lending.
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