Applied Materials (AMAT): economic exposure
Over the 156 weeks to Sep 25, 2026, AMAT has been tentatively sensitive to interest rates. No measurable link to inflation expectations, U.S. dollar, oil and energy and credit spreads. It has typically moved 1.72 times as much as the U.S. stock market, which is accounted for separately.
Exposure to each economic force
| Economic force | Typical weekly move | 90% range | Evidence |
|---|---|---|---|
| Inflation expectationsIn weeks when 10-year inflation expectations rose 0.25 percentage points | −2.7% | −6.6% to +1.2% | Not distinguishable from zero |
| Interest ratesIn weeks when the 10-year Treasury yield rose 0.25 percentage points | +1.6% | +0.05% to +3.1% | Tentative |
| U.S. dollarIn weeks when the trade-weighted U.S. dollar rose 2% | −0.84% | −2.9% to +1.2% | Not distinguishable from zero |
| Oil and energyIn weeks when the price of oil rose 10% | −0.51% | −1.8% to +0.80% | Not distinguishable from zero |
| Credit spreadsIn weeks when corporate credit spreads widened 0.25 percentage points | −0.35% | −4.2% to +3.5% | Not distinguishable from zero |
More forces, beyond the core five
| Force | Typical weekly move | 90% range | Evidence |
|---|---|---|---|
| Short-term ratesIn weeks when the 2-year Treasury yield rose 0.25 percentage points | +4.1% | +1.3% to +6.9% | Tentative |
| Market volatilityIn weeks when market volatility (the VIX) rose 5 points | −0.84% | −3.0% to +1.4% | Not distinguishable from zero |
| Mortgage ratesIn weeks when the 30-year mortgage rate rose 0.25 percentage points | −0.02% | −1.5% to +1.4% | Not distinguishable from zero |
| GoldIn weeks when the price of gold rose 5% | +0.31% | −1.4% to +2.0% | Not distinguishable from zero |
| CopperIn weeks when the price of copper rose 5% | +0.58% | −0.34% to +1.5% | Not distinguishable from zero |
| Natural gasIn weeks when the U.S. natural gas price (Henry Hub) rose 10% | −0.01% | −0.05% to +0.02% | Not distinguishable from zero |
| BitcoinIn weeks when the price of bitcoin rose 10% | +0.14% | −1.0% to +1.3% | Not distinguishable from zero |
| Small vs large companiesIn weeks when small companies beat large ones by 1 percentage point | +0.48% | −0.16% to +1.1% | Not distinguishable from zero |
| Value vs growthIn weeks when value stocks beat growth stocks by 1 percentage point | −0.09% | −0.64% to +0.46% | Not distinguishable from zero |
| MomentumIn weeks when recent winners beat the stock market by 1 percentage point | +1.8% | +1.3% to +2.4% | Clear |
| EuroIn weeks when the euro rose 2% against the U.S. dollar | −3.2% | −6.6% to +0.16% | Not distinguishable from zero |
| Japanese yenIn weeks when the yen rose 2% against the U.S. dollar | −0.81% | −2.2% to +0.57% | Not distinguishable from zero |
| Emerging marketsIn weeks when emerging-market stocks beat the S&P 500 by 1 percentage point | +1.3% | +0.89% to +1.6% | Clear |
| ChinaIn weeks when Chinese stocks beat other emerging markets by 1 percentage point | −0.39% | −0.72% to −0.06% | Tentative |
Other stocks exposed to interest rates
Moved up with interest rates
Moved down with interest rates
This describes the past, and it is not a forecast. It shows how the stock has moved alongside five economic forces. Relationships change, and nothing here is a recommendation to buy, sell or hold any security.
Method: weekly returns over three years, regressed on weekly changes in the 10-year Treasury yield, 10-year inflation expectations, the trade-weighted dollar, oil and corporate credit spreads, controlling for the S&P 500. Newey-West standard errors; the 90% range and evidence label show how precisely each figure is measured. Prices from Yahoo Finance; economic series from FRED. Full methodology.