Roblox Corp (NYSE: RBLX), Netflix Inc (NASDAQ: NASDAQ:NFLX) and Meta Platforms Inc (NASDAQ: META) shares are all trading lower Friday morning. Shares of several companies at large in the broader communications, entertainment and media industry are trading lower amid overall market weakness as investors digest Jerome Powell's speech from the Jackson Hole Symposium. Aggressive monetary policy could continue to weigh on economic sentiment.
What Happened?
Powell said the Federal Reserve’s goal remains getting inflation back down to a goal of 2%.
“Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy,” Powell said. “Without price stability, the economy does not work for anyone.”
Powell said the impact of inflation and the labor market often falls heaviest on those who are least able to bear it... Read More
See Also: Stocks Plummet As Powell Doubles Down On Fed's Inflation Fight Until 'The Job Is Done'
- Roblox is trading lower by 3.74% to $39.92
- Netflix is trading lower by 2.98% to $227.00
- Meta Platforms is trading lower by 2.95% to $163.80
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