NVIDIA Corp NVDA Stocks are trading lower in sympathy Micron Technology Inc muthat fell after the company reported first-quarter financial results came in below analyst estimates.

• MU Q1 Income: $4.08 billion lost Estimated at $4.12 billion
• MU Q1 EPS: $(0.04) lost Estimates from $(0.01)

according to a regulatory filing, Micron has completed a restructuring plan that expects to reduce headcount by approximately 10%. In connection with the plan, the company expects to pay fees of at least $30 million in the second quarter of fiscal year 2023.

“Micron’s strong technology, manufacturing and financial position gives us a solid foundation to navigate the near-term environment and we are taking decisive action to reduce our supply and costs. and to deliver strong profitability once we emerge from this downturn,” said Sanjay Mehrotra, Micron President and CEO.

Several analysts also lowered price targets for Micron shares following the company’s quarterly results.

Both Micron and Nvidia are active in the semiconductor sector.

See also: Consider NVIDIA’s recent activity on unusual options

What else: Several stocks are trading lower amid broad market weakness after better-than-expected US GDP and jobless claims data, adding to concerns of an overheated economy and a tight labor market.

Last week, the Federal Reserve raised interest rates by 0.5% thereafter four consecutive rate hikes of 0.75% as the Fed continues to battle high inflation.

Fed Chairman Jerome Powell conceded in a press conference after the interest rate decision that the latest data was encouraging, but indicated that this was not enough.

“It will take a lot more evidence to inspire confidence that inflation is on a sustained downward path,” Powell said.

NVDA Price Action: Nvidia has a 52-week high of $313.30 and a 52-week low of $108.13.

Nvidia stock is…