Stock Track | DraftKings Plummets 5.01% on Friday as Market Reacts to Fed's Stance on Interest Rates

Stock Track11-15

DraftKings Inc. (DKNG) witnessed a significant plummet of 5.01% on Friday during intraday trading. The decline in the stock price can be attributed to the broader market reaction to Federal Reserve Chair Jerome Powell's comments on interest rates.

According to reports, Powell stated that there was no immediate need to reduce interest rates, suggesting that the Fed would maintain a hawkish stance. This stance pushed up bond yields, putting pressure on rate-sensitive equities like DraftKings.

While there were no specific news directly related to DraftKings' business operations, the company's stock was caught in the broader market sell-off triggered by Powell's remarks. The market's expectations for a potential rate cut in the near future were dampened, impacting the overall investor sentiment.

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