What happened
Shares of consumer services-focused stocks such as Airbnb (NASDAQ: ABNB), Roku (NASDAQ: ROKU), and DraftKings (NASDAQ: DKNG) all fell hard on Wednesday, declining 3%, 5.8%, and 5.3%, respectively, as of 1:22 p.m. ET.
The across-the-board declines on relatively little company-specific news points to a broader macroeconomic factor in today’s decline. Thus, some March economic data releases today were almost certainly the driving factors.
Specifically, today’s Institute for Supply Management’s (ISM) Services Purchasing Manager’s Index (PMI) for March came in cooler than expected. In addition, the Automatic Data Processing employment report for March came in well below expectations….
