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 Street's 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 developer's stock surge 19% between the end of August and yesterday's close.
Let's take a closer look at what's going on with Core Lithium's stock on Wednesday.
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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 States' latest inflation data, finding the nation's consumer price index (CPI) lifted 0.1% in August. It's now 8.3% higher than it was this time last year.
Core Lithium's home sector – the S&P/ASX 200 Materials Index (ASX: XMJ) – is also falling in line with the broader market right now, tumbling 1.95%.
The company's 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.
