Shares of large 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% Tuesday morning before dipping to around the 1.544% level. The spike in the 10-year note this week comes after the Federal Reserve last week spoke on winding down its ongoing asset purchasing program.
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AMD designs microprocessors for the computer and consumer electronics industries. The majority of the firm's sales are in the personal computer and data center markets via CPUs and GPUs.
AMD is trading lower by 5.3% at $102.42. AMD has a 52-week high of $122.49 and a 52-week low of $72.50.