Shares of broader technology stocks are trading lower as Treasury yields rise following hotter-than-expected March inflation data.
Portfolio Pulse from Benzinga Newsdesk
Broader technology stocks are trading lower due to rising Treasury yields, which followed the release of hotter-than-expected March inflation data. This indicates a negative market reaction to inflation concerns, affecting technology stocks.
April 10, 2024 | 1:53 pm
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NEGATIVE IMPACT
Analog Devices, Inc. (ADI) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
As a prominent player in the technology sector, ADI's stock is likely to be negatively impacted in the short term by the broader market's reaction to inflation data and rising Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Autodesk, Inc. (ADSK) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
ADSK, being a significant technology company, is experiencing a downturn in its stock price as a result of the market's negative reaction to the inflation data and the increase in Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
GlobalFoundries Inc. (GFS) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
GFS is affected by the broader technology market downturn, influenced by the market's reaction to unexpected inflation figures and the subsequent rise in Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Intuit Inc. (INTU) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
As a key technology firm, INTU's stock price is negatively impacted in the short term by the market's adverse reaction to the inflation data and the increase in Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Microchip Technology Incorporated (MCHP) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
MCHP is part of the technology sector, which is currently experiencing a downturn due to the market's negative reaction to higher-than-expected inflation data and rising Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shopify Inc. (SHOP) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
SHOP, as a major e-commerce technology company, is negatively affected in the short term by the broader market downturn, driven by concerns over inflation and rising Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Teradyne, Inc. (TER) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
TER, involved in the technology sector, is experiencing a stock price decline as a result of the market's negative response to the inflation data and the uptick in Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Unity Software Inc. (U) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
Unity Software Inc. (U) is impacted by the broader technology sector's downturn, which is influenced by the market's reaction to unexpected inflation figures and the rise in Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Zoom Video Communications, Inc. (ZM) shares are trading lower as part of the broader tech sector's decline due to rising Treasury yields and inflation concerns.
ZM, as a leading technology company, is facing a downturn in its stock price due to the broader market's negative reaction to the inflation data and the increase in Treasury yields.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80