Splunk Inc. SPLK shares are trading lower Monday alongside several companies in the broader technology sector amid overall weakness as stocks continue to sell off following worse-than-expected May CPI data.
Inflation accelerated again in May as the headline CPI rose 8.6%, up from 8.3% in April and above average economist estimates of 8.3%. Core inflation, excluding food and energy prices, was up 6% in April, which was also above economist estimates of 5.9%.
An increase in U.S. Treasury yields has also weighed on the tech sector. Higher rates decrease the present value of future cash flows, which can negatively impact the valuations of growth stocks. The 10-Year Treasury yield was hovering around 3.352% at press time.
Splunk Inc. provides solutions that use data from digital systems to help organizations identify opportunities for optimization to keep their systems secure.
SPLK Price Action: Splunk, Inc. has traded between $176.66 and $84.63 over a 52-week period.
The stock was trading about 8.9% lower at $89.74 per share on Monday at the time of publication.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.