$Taiwan Semiconductor Manufacturing(TSM)$
Intel, Nvidia, Advanced Micro Devices and other chip names were contributing to the market’s downturn on Thursday.
Shares of Nvidia, one of the biggest artificial intelligence names on the Street, fell 3.9% after declining 1.1% the day before. ON Semiconductor’s stock was down 3.5%. Other chip companies like Intel and AMD fell 0.8% and 1.5%, respectively. All three stocks also fell on Wednesday.
Traders saw a slate of economic readings come in Thursday morning, none moving the needle substantially on rate-cut projections. All three major indexes were marking one-day losses.
Stocks closed lower Thursday after the latest inflation report came in hotter than expected.
The producer price index increased by 0.6% in February, double the consensus estimate of economists. And retail sales rose by 0.6% in February from the month prior, below expectations for a 0.7% increase.
The 10-year gains 0.106 percentage point, to 4.297%.
Former Treasury Secretary Steven Mnuchin said he is putting together an investor group to make a bid on TikTok.
After the bell, Adobe reports earnings.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
