Apple Inc AAPL shares are trading lower by 2.87% to $141.26 Friday morning amid overall market weakness due to rising yields as well as broader tech sector uncertainty following soft guidance from Advanced Micro Devices, Inc. AMD.
What Happened?
The U.S. added 263,000 jobs last month, outpacing average economist estimates of 250,000 jobs, according to Benzinga Pro. Better-than-expected unemployment data indicated the US labor market remains tight, which has dimmed hopes of a pivot on Fed tightening policy.
New data from the Bureau of Labor Statistics showed the U.S. unemployment rate at 3.5%, beating the 3.7% level economists had projected. The labor participation rate dropped 0.1% to 62.3%, compared to the 63.4% pre-pandemic rate in February 2020…Read More
Soft Guidance From AMD
AMD issued preliminary third quarter revenue guidance of approximately $5.6 billion, lower than prior outlook of $6.7 billion plus or minus $200 million, primarily due to weaker Client segment revenue.
“The PC market weakened significantly in the quarter,” said AMD Chair and CEO Dr. Lisa Su…Read More
See Also: Why Bitcoin- And Ethereum-Related Stock Argo Blockchain Is Getting Hammered Today
According to data from Benzinga Pro, Apple has a 52-week high of $182.94 and a 52-week low of $129.04.
