GameStop Corp (NYSE:GME) shares are trading lower Wednesday alongside several companies in the retail and apparel space amid overall market weakness as investors digest the latest U.S. inflation data, which came in higher-than-expected.
The consumer price index increased 8.3% in April from the prior year, which was lower than the 8.5% increase in March. However, the number came in above the Dow Jones estimate of 8.1%. Although the CPI number was lower than it was in March, 8.3% is still near the highest levels in 40 years.
The core CPI number, which excludes energy and food costs, rose 6.2% in April, which was above estimates for a 6% increase. The Federal Reserve plans to continue to hike rates until inflation falls significantly.
GameStop is popular among retail investors. It was among the top trending stocks on Stocktwits at publication time.
GME 52-Week Range: $77.58 - $344.66
According to data from Benzinga Pro, GameStop shares closed down 13% at $81.33.
Photo: JJBers from Flickr.
