Why Advanced Micro Devices Stock Fell Before a Big Rally Earlier Today
Market traders were nervous today after the Bureau of Labor Statistics released the latest Consumer Price Index data for September. Inflation came in higher than analysts expected, which ended hopes that the Federal Reserve would stop raising interest rates.
In other news, analysts are still processing how deep the PC market could fall in the near term, especially if higher inflation sends the economy into a recession.
Shares of Advanced Micro Devices (NASDAQ: AMD) were down big at the market open on Thursday, but the stock quickly recovered and was up 2% as of 11:38 a.m. ET. This could signal the bad news is already priced in after the shares have fallen 60% year to date.
Source Fool.com
