The Core Lithium Ltd (ASX: CXO) share price is suffering on Wednesday as the broader market takes a major hit.
The S&P/ASX 200 Index (ASX: XJO) has dumped 2.6% at the time of writing following Wall Streetâs worst session in more than two years.
The Core Lithium share price is trading at $1.615 right now, 3% lower than its previous close.
The tumble follows a mostly-winning streak that has seen the lithium developerâs stock surge 19% between the end of August and yesterdayâs close.
Letâs take a closer look at whatâs going on with Core Lithium’s stock on Wednesday.
Core Lithium share price plunges amid market downturn
The Core Lithium share price is sinking in a sea of red today.
It’s tumbling alongside the broader ASX following a disastrous night for Wall Street in which the Dow Jones Industrial Average Index (DJX: .DJI) fell 3.94%, the S&P 500 Index (SP: .INX) slumped 4.32%, and the Nasdaq Composite Index (NASDAQ: .IXIC) plummeted 5.16%.
The sell-off came amid the release of the United Statesâ latest inflation data, finding the nationâs consumer price index (CPI) lifted 0.1% in August. Itâs now 8.3% higher than it was this time last year.
Core Lithiumâs home sector â the S&P/ASX 200 Materials Index (ASX: XMJ) â is also falling in line with the broader market right now, tumbling 1.95%.
The companyâs lithium-focused peer Lake Resources NL (ASX: LKE) is its worst performer.
Its share price is down 12.2% right now after the company updated the market on a dispute with Lilac Solutions. Lake is partnering with Lilac Solutions on the Kachi Pilot plant in Argentina.
The fall in the Core Lithium share price sees it trading in the middle of the ASX 200 materials pack. None of its peers is recording a gain at the time of writing.
The post Why is the Core Lithium share price tumbling 3% today? appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Why did the Core Lithium share price leap another 6% on Tuesday?
- Here are the 3 most heavily traded ASX 200 shares on Tuesday
- Are Yamaha and Toyota about to upend the ASX lithium share party?
- ASX lithium stocks are ‘the buy now, pay later of 2022’: expert
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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