Why Shares of Wells Fargo Are Falling Today
Shares of Wells Fargo (NYSE: WFC) traded nearly 4% lower as of 1:29 p.m. ET today, largely because of worse-than-expected inflation data but also as management discussed some macro headwinds at a conference today.
August data from the Consumer Price Index (CPI) showed that consumer prices stayed more elevated than economists had predicted, with the CPI rising 0.1% from July and coming in 8.3% higher year over year.
The thought of longer-lasting inflation and the Federal Reserve having to stay hawkish for longer has put the market deep in the red today.
Source Fool.com
