Stocks of major technology companies, including: Advanced Micro Devices, Inc. (NASDAQ: AMD), are trading lower amid a rise in bond yields, which has weighed on growth stock valuations.
The 10-year Treasury yield hit an intraday high of 1.567% on Tuesday morning, before falling to around the 1.544% level. The spike in the 10-year note this week comes after the Federal Reserve spoke last week about winding down its ongoing asset purchase program.
AMD designs microprocessors for the computer and consumer electronics industries. The majority of the company’s revenue is in the PC and data center markets through CPUs and GPUs.
AMD is trading 5.3% lower at $102.42. AMD has a 52-week high of $122.49 and a 52-week low of $72.50.
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