Chewy stock drops following Oppenheimer downgrade

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Shares of Chewy (CHWY) fall following a downgrade from 'Outperform' to 'Perform' by Oppenheimer analysts, who noted 'recent signs of weakness' in a previously resilient pet food category. With inflation high, many consumers are looking for value in purchases, such as making decisions between wet or dry pet food and skimping on treats. Yahoo Finance Reporter Brooke DiPalma takes a look at Chewy's stock action, citing Chewy CEO Sumit Singh's comments on normalizing 'pet inflation' in an exclusive interview with Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

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OTTAWA — The Bank of Canada was watching its words at its last interest rate announcement, in fear of spurring speculation that rate cuts are coming any time soon. That's according to the central bank's summary of deliberations released Wednesday detailing what the governing council discussed in the lead-up to its last rate decision. The Bank of Canada held its key interest rate steady at five per cent earlier this month amid signs of the economy weakening.

 

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