Shares of semiconductor and chip companies, including Advanced Micro Devices, Inc. (NASDAQ:AMD) and Micron Technology. Inc. (NASDAQ:MU) are trading lower amid a continued selloff in the broader technology sector, which has been driven by a rise in yields and concerns of Fed tapering policy.
The 10-year treasury yield increased closed yesterday's session around 1.73% and opened today's session at around 1.77%. The rate was around 1.75% at the time of publication.
Over the past 5 trading sessions, AMD shares have fallen approximately 15% and Micron shares have fallen approximately 14%.
AMD, Micron Price Action: At the time of publication, AMD's stock was trading about 2.9% lower at $113.10 per share and Micron's stock was trading about 2.3% lower at $81.10 per share.
