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Why Intel Shares Are Nosediving

Intel Corporation (NASDAQ: INTC) shares are trading lower by 5.15% to $29.92 Tuesday afternoon. Shares of semiconductor stocks at large are trading lower after August CPI data showed greater-than-expected US inflation, which has caused economic concerns and raised expectations for aggressive Fed p

Benzinga · 09/13/2022 13:31

Intel Corporation (NASDAQ:INTC) shares are trading lower by 5.15% to $29.92 Tuesday afternoon. Shares of semiconductor stocks at large are trading lower after August CPI data showed greater-than-expected US inflation, which has caused economic concerns and raised expectations for aggressive Fed policy. Fed rate hikes could drive a slowdown in the economy, which could pressure demand in semiconductor and chip end markets.

What Happened?

According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.

Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain...Read More

See Also: Here's How Much You'd Have Right Now If You Invested $1,000 In Apple Shares When Steve Jobs Resigned As CEO In 2011

According to data from Benzinga Pro, Intel has a 52-week high of $56.28 and a 52-week low of $29.87.