NVIDIA Corporation (NASDAQ:NVDA) shares are trading higher by 5.69% to $118.68 Monday morning. Shares of several companies in the broader tech sector, including Nvidia, are trading higher amid a fall in treasury yields, which has pressured growth stocks. Major indices are higher as stocks rebound following Friday’s selloff after the UK reversed its proposed tax cuts. Better-than-expected quarterly results from Bank of America have also lifted sentiment going into the earnings season.
The 10-year U.S. Treasury yield hit an intraday low of 3.920% Monday morning before rising to around the 3.950% level. When interest rates rise, the value of future cash flows is reduced, which in turn lower the value of the stock.
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What Happened With Inflation Data Thursday?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September, down from 8.3% in August. The September CPI reading came in above average economist estimates of 8.1%.
On a month-over-month basis, CPI was up 0.4% versus average economist estimates for a 0.2% jump…Read More
According to data from Benzinga Pro, Nvidia has a 52-week high of $346.47 and a 52-week low of $108.13.
