Advanced Micro Devices ( NASDAQ:AMD )
The newest September Consumer Price Index data was issued today by the Bureau of Labor Statistics, and it caused jitters among market players. The higher-than-expected inflation rate dashed expectations that the Federal Reserve might slow the pace of its interest rate hikes.
Analysts are still trying to figure out how much the PC market may drop soon, mainly if increasing inflation causes a recession.
Advanced Micro Devices ( NASDAQ:AMD ) stock fell sharply at the opening of trading on Thursday, but it has since rebounded and is now up 2% as of 11:38 AM ET. AMD stock price has dropped 60% this year , indicating investors have already factored in the negative news.
What’s the Reason?
While investors on Wall Street ponder whether or not rising inflation and interest rates would trigger a recession, the PC market may already be in a downturn. The International Data Corporation said that quarterly PC sales globally fell by 15% earlier this week. When compared to the prior quarter, this is a 15.3% drop.
Credit Suisse reduced Microsoft’s forecasts late Wednesday due to the PC market’s worst decrease in two decades. Depending on this industry might be a bad sign for AMD stock next year. Gaming and client revenue, including desktop processors’ sales, accounted for 58% of overall revenue for AMD stock in the second quarter.
What Should You Do Now?
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