NVIDIA Corporation (NASDAQ:NVDA) shares are trading marginally lower by 0.88% to $150.18 Tuesday afternoon. Broader U.S. economic concerns ahead of Wednesday’s CPI report have weighed on market sentiment.
Shares of semiconductor companies were trading lower Monday in sympathy with AMD after Barclays lowered its price target on the stock. Economic uncertainty has weighed on the demand outlook for semis.
Morningstar reported the analyst consensus expects CPI to come in at elevated levels at 8.8%, which is slightly higher than the 8.6% reading in May. Stocks across sectors fell in June amid overall market weakness after CPI data showed prices rose in May. Rising inflation has caused concerns about a slowdown in economic activity, which could impact the sector.
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According to data from Benzinga Pro, Nvidia has a 52-week high of $346.47 and a 52-week low of $140.55.
