Advanced Micro Devices, Inc. (NASDAQ:AMD) shares traded lower by 6.67% to $63.36 this week amid overall market weakness and a rise in the 10-year treasury yield, which is hovering around a decade high of 4%. In general, when interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
The weakness in the overall market may also be weighing on the sector following jobless claims for September that came in below estimates, which has added to concerns of further Federal Reserve action to curb the tight labor market.
