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.
