What's Going On With Intel (INTC) Shares

Intel Corporation INTC shares are trading lower by 5.44% to $33.10 Wednesday afternoon amid a drop in chip and semiconductor stocks as the sector pulls back after it surged recently on AI optimism. Stocks across sectors are also lower following rate hike comments from Fed Chair Powell.

See Also: Intel Divests 20% Stake In IMS Nanofabrication Unit To Bain Capital For $4.3B

What Happened?

During the House Financial Services Committee session on Wednesday, Federal Reserve Chair Jerome Powell emphasized the distinction between the pace of interest rate movements and the prevailing level of interest rates.

Powell justified the decision to pause in June by highlighting the considerable magnitude and rapidity of interest rate hikes implemented by the Federal Reserve in the past year.

According to the CME Group FedWatch Tool, investors currently assign a 79% probability to a 25-basis-point increase in the Federal Reserve rate in July. This reflects an increase from the 62% probability recorded last week...Read More

According to data from Benzinga Pro, INTC has a 52-week high of $40.73 and a 52-week low of $24.59.