Why Lumen Stock Is Falling Fast Today

Shares of Lumen Technologies (NYSE: LUMN), a cloud connectivity and security solutions company, were falling today, just one day after the company lost its spot on the S&P 500 index and after Federal Reserve Chairman Jerome Powell said there's still a need to continue raising interest rates. Yesterday, the S&P Dow Jones Indexes announced that it's replacing Lumen in the S&P 500 with the credit score company Fair Isaac, effective March 20. With Lumen's valuation plummeting as the company's shares have fallen 70% over the past year, the stock will now be part of the S&P SmallCap 600.