Wells Fargo & Co (NYSE:WFC) shares are trading lower by 5.50% at $40.33. Shares of several banks and financial services companies are trading lower amid overall market weakness after CPI data showed prices rose in May. Rising inflation has caused concerns of a slowdown in economic activity, which could impact the sector.
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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According to data from Benzinga Pro, Wells Fargo has a 52-week high of $60.30 and a 52-week low of $40.27.
