Why Growth Stocks Nvidia, AMD, and Unity Dropped Today
Many growth stocks fell on Thursday, as investors rotated out of premium-priced companies. By the close of trading, shares of Nvidia (NASDAQ: NVDA), Advanced Micro Devices (NASDAQ: AMD), and Unity Software (NYSE: U) were down 4%, 5%, and 9%, respectively.
Positive news regarding the effectiveness of booster shots against the omicron variant allowed investors to refocus on the economy's nascent recovery. A report on Thursday showed that weekly jobless claims declined to a 52-year low. But while a strong labor market is great for workers seeking jobs, some growth investors took the news as cause for concern.
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Source Fool.com
