Why Apple Shares Are Falling Today

Apple Inc AAPL shares are trading lower by 1.12% to $144.22 Wednesday morning. 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, Citigroup analyst Jim Suva maintained Apple with a Buy and lowered the price target from $200 to $175.

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, Apple has a 52-week high of $182.94 and a 52-week low of $129.04.