Why Micron Technology Stock Was Down This Week
Week to date, shares of Micron Technology (NASDAQ: MU) were down 13.7% at 10:34 a.m. ET on Friday, according to data provided by S&P Global Market Intelligence. The drop in the share price was due to the broader market sell-off this week after the Federal Reserve raised the federal funds rate to help control the upward pressure in inflation.
Some investors are worried that higher interest rates will send the economy into a recession, which could pressure demand for consumer PCs. Micron is one of the leading suppliers of memory and solid-state storage drives.
Micron has already received two analyst downgrades in June over concerns about the near-term direction for consumer demand. Products for consumer devices made up 55% of Micron's portfolio in 2021.
Source Fool.com
