Advanced Micro Devices, Inc. AMD and NVIDIA Corporation NVDA shares are trading lower going into Thursday's close. Shares of companies in the broader tech sector are trading lower following strong jobless claims figures, which have added to concerns over a tight labor market. A rise in Treasury yields has also weighed on the sector.
See Also: The SPY Declines Ahead Of Big Tech Earnings: Is It A Pullback Or Hard Rejection Of This Trendline?
Per the Department of Labor data release- in the week ending January 14, the advance figure for seasonally adjusted initial claims was 190,000, a decrease of 15,000 from the previous week's unrevised level of 205,000. This 190,000 figure is lower than the analyst consensus estimate of 214,000.
The Department of Labor also reported that the 4-week moving average was 206,000, a decrease of 6,500 from the previous week's unrevised average of 212,500.
According to data from Benzinga Pro:
- AMD is trading lower by 3.05% to $68.38
- NVDA is lower by 2.33% to $169.72
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.