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Benzinga
Benzinga
Business
Henry Khederian

Why Adobe Shares Are Getting Hammered Today

Adobe Adobe Inc Nasdaq Inflation United States

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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