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As the early September stock market amply demonstrated, the fate of Advanced Micro Devices (NASDAQ: AMD) is closely linked to that of its peers in the technology and semiconductor industry. Though the stock appeared primed for strong moves as it was widely expected to grab market share from its competitor Intel (NASDAQ: INTC) – a company so badly pressured that it is down 60% in 2024 and that there are rumors it will be removed from the Dow Jones index – and experience something of a renaissance, the last 5 days of trading bore witness to a dire, 5.30% drop. The situation at press time on September 6 proved a little better, as AMD shares flew like a stone at the day’s opening and are, already in the initial hours of the session, down 3.22% to their current price of $135.01. AMD stock 5-day price chart. Source: Finbold The stock market in general has been infected with a similar selling pressure and other major players in the industry – such as Nvidia (NASDAQ: NVDA) – are themselves down in Friday trading as investors first grew wary and then weary of the U.S. jobs report. Another weak jobs report drives AMD stock and entire market lower Indeed, the August jobs report – while providing better figures than its predecessor which itself caused a veritable stock market bloodbath – were, nonetheless, weaker than expected. Throughout the eight month of the year, the American economy created 142,000 jobs instead of the 161,000 expected. The effects of the latest economic figures were made worse by a similarly weak manufacturing report published earlier in the same week. This report caused the stock market to lose more than $1 trillion and Nvidia alone to shed more than $300 billion from its valuation within a single session.…

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Filed under: News - @ September 6, 2024 3:25 pm