Why AMD Shares Are Diving Today

Shares of several companies in the broader tech sector, including Advanced Micro Devices, Inc. (NASDAQ: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.

See Also: Apple Said To Be Planning Instacart-Like Service And This Would Be The X Factor

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.