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- Jul. 13, 2017 at 5:43 p.m. ET
- by Sara Sjolin
Shares of Advanced Micro Devices erased earlier gains to turn sharply lower in active trade Thursday, bucking the gains in the broader tech sector. What may be weighing on the chip maker, the price of cryptocurrency ethereum was plunging 10% from Thursday s close, and has plummeted 35% so far this month. AMD s graphics chips are the gold standard for mining ethereum, according to RBC Capital analyst Mitch Steves, and rocketing ethereum prices through mid June had propelled AMD shares sharply higher this year. On Thursday, with ethereum prices rising early in the session before sinking, AMD s stock was up as much as 1.4% within the first few minutes after the open, then declined steadily to be down as much as 6.0% in afternoon trade, before paring some losses. It was recently down 4.6% at $13.64. Volume reached 100 million shares about 30 minutes before the close, enough to make the stock the most actively traded on the major U.S. exchanges. AMD s stock has now climbed 20.3% year to date, while rival Nvidia Corp. shares has shot up 50.5%, the PHLX Semiconductor Index has rallied 20.4% and the S P 500 has gained 9.3%.
- Jul. 13, 2017 at 3:35 p.m. ET
- by Tomi Kilgore
The embattled technology sector is enjoying a mini resurgence, with Thursday gains putting the group on track for its best weekly rise in more than seven months. A popular way to bet on the group, the tech-oriented Technology Select Sector SPDR ETF is on pace to book a gain of 2.6%, which would mark the best weekly rise for the ETF since the period ended Dec. 9 when tech shares soared 4.2%, according to FactSet data. Since many tech giants, including Amazon.com Inc. Nvidia Corp. hit recent peaks June 8, the sector started to give up gains that had taken it to records, as Wall Street investors raised questions about valuations. However, traders may now be trying to make opportunistic purchases, with the tech-heavy Nasdaq Composite Index on pace for its fifth straight up day, marking its longest streak of wins in about six weeks. More broadly, the S P 500 index. where tech has the largest weighting among the benchmark s 11 sectors, is looking at a weekly gain of 0.8%. On the day, the S P 500 is trading roughly flat at 2,444, the Dow Jones Industrial Average is little changed at 21,527, while the Nasdaq Composite Index also is steady at 6,262.
- Jul. 13, 2017 at 10:31 a.m. ET
- by Mark DeCambre
- Jul. 13, 2017 at 7:15 a.m. ET
- by Jeremy C. Owens