Adobe Inc (NASDAQ:ADBE) shares are trading lower by 7.33% to $395.15. Shares of technology and software companies are trading lower amid an overall market selloff following worse-than-expected US May inflation data. Inflation concerns have weighed on the economic outlook and have also raised expectations for further Fed rate hikes. A rise in treasury yields has also weighed on tech and growth stock valuations.
According to the Bureau of Labor Statistics, the all-items CPI figure increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
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According to data from Benzinga Pro, Adobe has a 52-week high of $699.54 and a 52-week low of $370.27.
