Amazon.com, Inc. (NASDAQ:AMZN) shares are roughly flat at $108.29 during Wednesday’s trading session. Stocks across sectors are trading lower after CPI data showed worse-than-expected June inflation. A rise in inflation has caused concerns of a potential recession and more aggressive Federal Reserve policy. Also, Telsey Advisory Group analyst Joseph Feldman maintained Amazon with an Outperform and lowered the price target from $170 to $145.
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3% in June on a seasonally adjusted basis after rising 1.0% in May, the U.S. Bureau of Labor Statistics (BLS) reported today. The BLS says the increase was broad-based, with the indexes for gasoline, shelter, and food being the largest contributors.
The BLS says the all items index increased 9.1% for the 12 months ending June, the largest 12-month increase since the period ending November 1981. The energy index rose 41.6% over the last year, the largest 12-month increase since the period ending April 1980.
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According to data from Benzinga Pro, Amazon has a 52-week high of $188.65 and a 52-week low of $101.26.
