Several semiconductor manufacturer names are continuing to slide on Thursday after China announced restrictions on the export of metals used in chip production.
What To Know:
NXP Semiconductors N.V. NXPI and Taiwan Semiconductor Manufacturing Company Ltd TSM are among the semiconductor names moving lower on Thursday.
On Monday, China announced the placement of export restrictions on products and materials containing gallium and germanium which are critical to the production of semiconductors. The export restrictions on gallium and germanium are seen as possible retaliation to U.S. export controls designed to curb China's technological advances.
Additionally, the broader tech sector is trading lower amid concerns over further Fed rate hikes, which could negatively impact growth stocks.
Taiwan Semiconductor Manufacturing will report second quarter earnings on July 20th before market open, according to data from Benzinga Pro.
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NXPI, TSM Price Action: According to Benzinga Pro, NXP Semiconductors shares are trading 0.41% lower at $202.83, and Taiwan Semiconductor shares are trading 1.81% lower at $99.16 at the time of publication.
Image: kritsadaj from Pixabay
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