Intel (INTC) Stock Drops 5% As Rising Bond Yields Hit Chip Sector Tuesday
TLDR
- Intel stock fell nearly 5% in Tuesday’s premarket, driven by broader market selling rather than any Intel-specific news.
- The PHLX Semiconductor Index entered a new bull market after rising 21% from its July 29 low, exiting bear market territory in just 21 days.
- Rising bond yields and oil prices triggered the Tuesday pullback, with the 30-year Treasury yield hitting a 19-year high of 5.310%.
- Bank of America holds a Buy rating on Intel with a $145 price target, projecting Intel Foundry revenue could reach nearly $40 billion by 2030.
- Intel carries a Hold consensus rating from 50 analysts, with an average price target of $110.
Intel Corp (INTC) stock dropped nearly 5% in Tuesday’s premarket session, trading at $98.69, as a broader selloff hit technology and chip stocks hard.
The decline is not linked to any Intel-specific news. Nasdaq futures were down 1.24% while S&P 500 futures slipped 0.41%, with investors pulling back from higher-risk names ahead of the open.
The pressure came from rising bond yields and oil prices. The 30-year U.S. Treasury yield settled at a 19-year high of 5.310% and was climbing again to 5.320% early Tuesday.
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