Why Nvidia, AMD Shares Are Popping Off Today

NVIDIA Corporation NVDA and Advanced Micro Devices, Inc. AMD shares are trading higher by 5.16% to $169.32 and 5.34% to $85.78 respectively Tuesday afternoon amid overall market strength.

What Happened?

Market indexes are higher Tuesday on continued volatility amid the start of the earnings season. Market indexes were also trading higher Monday following better-than-expected second-quarter earnings from Goldman Sachs, which has lifted market sentiment at large going into the earnings season.

Markets also continue to assess inflation concerns and Fed policy outlook. Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.

Why it Matters

Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.

According to data from Benzinga Pro, Nvidia has a 52-week high of $346.47 and a 52-week low of $140.55. AMD has a 52-week high of $164.46 and a 52-week low of $71.60.

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