Shares of semiconductor and chip stocks are trading lower following light quarterly guidance from AMD. Additionally, broader tech and growth stocks are under pressure after Fitch downgraded the long-term credit rating of the US.
Portfolio Pulse from Benzinga Newsdesk
Semiconductor and chip stocks are trading lower due to light quarterly guidance from AMD and a downgrade of the US's long-term credit rating by Fitch. This has put pressure on broader tech and growth stocks.
August 04, 2023 | 11:42 am
News sentiment analysis
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NEGATIVE IMPACT
ADI's stock price is likely affected by the overall downturn in the semiconductor and chip sector.
ADI, being a part of the semiconductor and chip sector, is likely affected by the overall downturn in the sector caused by AMD's light quarterly guidance and Fitch's downgrade of the US's long-term credit rating.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
AMD's light quarterly guidance has led to a decrease in its stock price.
AMD's light quarterly guidance is a direct cause for its stock price decrease. Investors may be concerned about the company's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100