PayPal Holdings Inc (NASDAQ:PYPL) shares are trading lower Thursday amid overall market weakness as investors continue to digest inflation concerns, Fed rate hikes and macro uncertainty. Concerns surrounding a potential economic slowdown have also weighed on growth stocks.
U.S. household spending, measured by the personal consumption expenditures index, cooled off in May. Seasonally-adjusted spending was up just 0.2% last month, representing a slowdown from the revised 0.6% jump in April, according to Bureau of Economic Analysis data.
Personal income increased $113.4 billion or 0.5% in May, which was unchanged from April. The combination of relatively flat personal income growth and slowing consumer spending has added to inflation concerns.
Related Link: Federal Reserve's Preferred Inflation Measure Stays Flat In May
Truist Securities analyst Andrew Jeffrey maintained PayPal with a Hold rating and lowered the price target from $85 to $80.
PYPL Price Action: PayPal has traded between $310.16 and $67.58 over a 52-week period.
The stock was down 2.18% at $69.92 at press time, according to data from Benzinga Pro.
Photo: courtesy of PayPal.
