What's Going On With PayPal Stock Today?

PayPal Holdings Inc PYPL shares are trading lower Thursday amid overall market weakness as investors continue to digest inflation concerns, Fed rate hikes and macro uncertainty. Concerns surrounding a potential economic slowdown have also weighed on growth stocks.

U.S. household spending, measured by the personal consumption expenditures index, cooled off in May. Seasonally-adjusted spending was up just 0.2% last month, representing a slowdown from the revised 0.6% jump in April, according to Bureau of Economic Analysis data.

Personal income increased $113.4 billion or 0.5% in May, which was unchanged from April. The combination of relatively flat personal income growth and slowing consumer spending has added to inflation concerns.

Related Link: Federal Reserve's Preferred Inflation Measure Stays Flat In May

Truist Securities analyst Andrew Jeffrey maintained PayPal with a Hold rating and lowered the price target from $85 to $80.

PYPL Price Action: PayPal has traded between $310.16 and $67.58 over a 52-week period.

The stock was down 2.18% at $69.92 at press time, according to data from Benzinga Pro.

Photo: courtesy of PayPal.