Alphabet Inc GOOGL GOOG shares are trading lower by 2.67% to $2,254.80 Tuesday afternoon. Alphabet shares are trading lower amid overall weakness in technology stocks.
Shares of technology companies are trading lower as the sector pulls back following last week's rebound. Growth stocks have experienced weakness this year amid Fed policy tightening measures.
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.
According to data from Benzinga Pro, Alphabet Class A has a 52-week high of $3,030.93 and a 52-week low of $2,037.69.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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