Apple Inc (NASDAQ:AAPL) shares are trading lower by 2.18% to $138.57. Apple is trading lower amid overall market weakness as well as consumer confidence concerns.
Meanwhile, QUALCOMM Inc (NASDAQ:QCOM) shares are surging Tuesday afternoon after a TF Securities analyst posted a tweet suggesting Qualcomm could remain the exclusive supplier of 5G chips for new iPhones due during the second half of 2023... Read More
Shares of growth stocks have been volatile in the month of June amid an overall market selloff partially generated by worse-than-expected U.S. May inflation data. The all items index CPI datapoint increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
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.
The rise in U.S. Treasury yields hinders growth companies such that, when interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
See Also: Why Endo International Stock Is Soaring Today
According to data from Benzinga Pro, Apple has a 52-week high of $182.94 and a 52-week low of $129.04.
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