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ChargePoint Holdings Inc (NYSE:CHPT) shares are trading lower amid overall market weakness as investors continue to weigh recession fears following last week's Fed decision.
What Happened: Several names in the broader industrials space are trading lower as investors continue to assess the Federal Reserve's most recent response to historically high inflation.
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Last week, the Fed raised its target range for the federal funds rate by 0.5%, bringing it up to a range of 4.25% to 4.5%.
In a press conference following the decision on rates, Fed Chair Jerome Powell reaffirmed the central bank's commitment to bringing inflation back down to its 2% goal. Although he acknowledged that recent data is encouraging, he indicated that it's not enough.
"The inflation data received so far from October and November show a welcome reduction in the monthly pace of price increases, but it will take substantially more evidence to get confidence that inflation is on a sustained downward path," Powell said.
Check This Out: Thanks Powell! The SPY Plunges Again After Fed Crashes Wall Street's Party: When Will It Bounce?
Rising treasury yields are also adding to the selling pressure in the broader industrials sector.
The 10-Year Treasury yield was hovering around 3.59% at time of publication. Higher rates decrease the present value of future cash flows, which can negatively impact the valuations of growth stocks.
CHPT Price Action: ChargePoint has a 52-week high of $20.99 and a 52-week low of $8.50.
The stock was down 7.82% at $9.63 Monday afternoon, according to Benzinga Pro.
Photo: Noya Fields from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.