Why AMD Stock Is Soaring Higher Today

Advanced Micro Devices, Inc. AMD shares are trading higher by 3.23% to $83.73 during Monday's trading session. Shares of several companies in the broader tech space are trading higher amid overall market strength on positive earnings sentiment.

Also, traders and investors are anticipating a vote on a pair of bills that includes tax credits and subsidiaries for U.S. chip makers that could have a major impact on the semiconductor industry and its investors... Read More

What Happened?

Market indexes are higher Monday following better-than-expected second-quarter earnings from Goldman Sachs, which has lifted market sentiment at large going into the earnings season.

Markets also continue to assess inflation concerns and Fed policy outlook. Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.

Why it Matters

Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.

According to data from Benzinga Pro, AMD has a 52-week high of $164.46 and a 52-week low of $71.60.

See Also: Why Bitcoin-, Ethereum- And Litecoin-Related Stocks Are Rising Today