Why Freyr Battery Is Tumbling Today

·2 min read
Why Freyr Battery Is Tumbling Today

Shares of Freyr Battery (NYSE: FREY) are tumbling 9.5% as of 11:27 a.m. ET on Friday as the stock market sell-off gathers speed. Fears of a hard landing are growing after the Federal Reserve raised interest rates by 75 basis points for the third consecutive time, hiking them to 3.25% for the first time since 2007. The Fed said it expected its target policy rate to hit or exceed 4.25% this year, and it could exceed 4.5% next year.