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Why Carvana Stock Soared Today

·2-min read

Shares of Carvana (NYSE: CVNA) jumped today, even though there was no news out on the online auto retailer. Instead, investors seemed to be reacting to the July Consumer Price Index (CPI) report, which showed the inflation gauge cooling to 8.5% year over year and flat over June, down from 9.1% in June, and better than expectations of 8.7%. Carvana is one of a number of growth stocks that have plunged over the last year as investors have turned sour on unprofitable growth stocks.