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Carvana Co (NYSE:CVNA) shares plummeted on Wednesday as a confluence of macroeconomic and company-specific headwinds weighed on the online auto retailer.
Broader Market And Geopolitical Shocks
The S&P 500 fell 0.55%, and the Nasdaq Composite dropped 0.56% as Israel struck Iran’s South Pars gas facility.
This major escalation sent Brent crude surging 4.8% to $108.50. United States Oil Fund (NYSE:USO) climbed to $98.15, fueling fears that rising fuel costs will dampen consumer demand for vehicles.
Inflation And Fed Pressure
February producer price data (PPI) surged 0.7% month-over-month, doubling analyst estimates.
Annual core PPI hit 3.9%, complicating the Federal Reserve’s path to …
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