Why Netflix Shares Are Diving Today

Netflix Inc NFLX shares are trading lower by 3.46% to $180.50 Monday afternoon amid overall market weakness as stocks fall following last week's strength. Broader U.S. economic concerns ahead of this week's CPI report have weighed on market sentiment.

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.

In June, according to the Bureau of Labor Statistics, the all-items CPI figure increased 8.6% for the 12 months ending May, the largest 12-month increase since the period ending December 1981.

According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $162.71.