Jabil Circuit's stock plummeted 7.93% during the intraday session on Wednesday, marking a sharp reversal from its initial positive reaction to quarterly results.

The data center infrastructure company had reported fiscal second-quarter adjusted earnings of $2.69 per share, beating the IBES estimate of $2.51. Revenue for the quarter came in at $8.28 billion, also surpassing the estimated $7.78 billion. The company's full-year revenue guidance of $34 billion exceeded consensus expectations.

However, the broader market sentiment turned negative pre-market after the release of a hotter-than-expected U.S. Producer Price Index report for February. The data sparked concerns about persistent inflation, causing stock futures to fall and bond yields to spike. This macroeconomic headwind appears to have overshadowed Jabil's strong company-specific results, leading to the significant decline in its share price.