Advanced Micro Devices, Inc. (NASDAQ: NASDAQ:AMD) shares are trading higher by 3.91% to $58.51 during Monday's session. Shares of several companies in the broader tech sector, including Advanced Micro, are trading higher amid a fall in treasury yields, which has pressured growth stocks. Major indices are higher as stocks rebound following Friday's selloff after the UK reversed its proposed tax cuts. Better-than-expected quarterly results from Bank of America (NYSE:BAC) have also lifted sentiment going into the earnings season.
The 10-year U.S. Treasury yield hit an intraday low of 3.920% Monday morning before rising to around the 3.950% level. When interest rates rise, the value of future cash flows is reduced, which in turn lower the value of the stock.
What Happened With Inflation Data Thursday?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September, down from 8.3% in August. The September CPI reading came in above average economist estimates of 8.1%.
On a month-over-month basis, CPI was up 0.4% versus average economist estimates for a 0.2% jump...Read More
According to data from Benzinga Pro, AMD has a 52-week high of $164.46 and a 52-week low of $54.57.
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