Why AMD Shares Are Diving Today

Shares of several companies in the broader tech sector, including Advanced Micro Devices, Inc. AMD, are trading lower amid market weakness as traders continue to digest Wednesday’s Fed rate hike announcement. A gain in treasury yields has weighed on technology and growth stocks.

The Federal Reserve last Wednesday raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years.

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AMD designs microprocessors for the computer and consumer electronics industries.

According to data from Benzinga Pro, AMD has a 52-week high of $164.46 and a 52-week low of $72.50.

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