SPX3,825.33+39.95 1.06%
DIA310.85+3.03 0.98%
IXIC11,127.85+99.11 0.90%

Why Micron Shares Are Falling Today

Micron Technology, Inc. (NASDAQ: MU) shares are trading lower by 4.17% to $63.27. Shares of technology and software companies are trading lower amid an overall market selloff following worse-than-expected US May inflation data.

Benzinga · 06/10/2022 14:11

Micron Technology, Inc. (NASDAQ:MU) shares are trading lower by 4.17% to $63.27. 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.

See Also: Apple Reportedly Plans For a Bevy Of Laptops Armed With Powerful In-House Chips

According to data from Benzinga Pro, Micron has a 52-week high of $98.45 and a 52-week low of $62.28.