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Benzinga
Benzinga
Business
Henry Khederian

Why AMD And Nvidia Shares Are Dipping Today

Advanced Micro Devices, Inc. (NASDAQ:AMD) and NVIDIA Corporation (NASDAQ:NVDA) shares are trading lower after B of A Securities maintained bullish ratings on the stock but lowered its price targets.

B of A Securities analyst Vivek Arya maintained AMD with a Buy but lowered the price target from $160 to $110. Arya also maintained Nvidia with a Buy but lowered the price target from $270 to $220.

See Also: This Clean Energy Company Has A Better 5-Year Return Than Starbucks, Ford, Microsoft, Apple, Disney, Netflix And Amazon

Shares of tech stocks have been volatile in the month of June amid an overall market selloff partially generated by worse-than-expected U.S. May inflation data. The all items index CPI datapoint increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981.

Inflation concerns have weighed on the economic outlook and have also raised expectations for further Fed rate hikes. A rise in treasury yields has also weighed on tech and growth stock valuations.

According to data from Benzinga Pro, AMD is trading lower by 3.96% to $77.58. Nvidia is trading lower by 3.44% to $154.30.

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