PayPal Holdings Inc (NASDAQ:PYPL) shares are trading lower by 6.41% to $78.72. 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.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0 percent in May on a seasonally adjusted basis after rising 0.3 percent in April, the U.S. Bureau of Labor Statistics reported today. The all items index 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, PayPal has a 52-week high of $310.16 and a 52-week low of $71.83.
