Intel Stock Hits 52-Week Lows: What's Going On?

Intel Corp INTC shares are trading lower Monday as technology stocks sell off on Fed rate hike fears. Continued rate hikes could cause an economic slowdown, which could impact chip demand.

The overall market is trending lower as investors prepare for the Federal Reserve's Jackson Hole symposium on Friday, an annual economic summit featuring central bankers, academics and economists from around the globe. During the event, Fed chair Jay Powell is expected to give a speech on inflation.

The Fed raised its target fed funds rate by 0.75% in June and again in July. The two consecutive 0.75% rate hikes mark the most aggressive rate increases since 1994. Still, the central bank is fighting the highest inflation numbers in more than 40 years.

The bond market is pricing in a 56.5% chance of another 0.75% hike next month and a 43.5% chance of a 0.5% hike. Ongoing tightened monetary policy could continue to weigh on consumer spending on non-essential goods.

Related Link: Jackson Hole Symposium Preview: Why Powell's Friday Speech Is Critical For Investors

INTC Price Action: Intel is making new 52-week lows on Monday.

The stock was down 4.32% at $33.85 at press time, according to Benzinga Pro.

Photo: Thomas Cloer from Flickr.