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Why Veeva Systems Stock Slid Today

Jeremy Bowman, The Motley Fool
·2-min read
Why Veeva Systems Stock Slid Today

Shares of Veeva Systems (NYSE: VEEV) were falling today as the health tech company got swept up in the broader market sell-off. The Federal Open Market Committee, which determines the federal funds rate, began its two-day meeting today and is expected to announce a 75-basis-point rate hike tomorrow, which will bring the benchmark rate to 3%-3.25%. In today's sell-off, the market seems to be indicating it expects more doom and gloom from Federal Reserve Chair Jerome Powell at tomorrow's press conference as treasury yields rose and growth stocks like Veeva fell back.

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