Netflix Inc (NASDAQ:NFLX) shares closed 1.01% lower at $174.78 in Thursday’s trading session amid weakness in tech stocks. Recent rate hikes and inflation data has pressured stocks across sectors and driven a selloff in tech-related names.
What Happened?
Market indices are trading lower during Thursday’s session following worse-than-expected US CPI data. Heightened US inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.
Why it Matters
Worse-than-expected June CPI data has also caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.
According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $162.71.
