Taiwan Semiconductor Mfg. Co. Ltd. TSM shares are trading lower by 4.44% to $68.93 during Thursday's trading session. Shares of several companies in the broader technology and consumer discretionary sectors are trading lower amid a rise in treasury yields.
The weakness in the overall market may also be weighing on the sector following Jobless claims for September that came in below estimates, which has added to concerns of further Federal Reserve action to curb the tight labor market.
What Happened Wednesday?
Taiwan Semiconductor Manufacturing shares were also lower Wednesday following reports suggesting the company's customer, Apple Inc AAPL, will back off of increasing production of its new iPhones. It was also reported the company rejected TSMC's planned chip price hikes.
According to a Bloomberg report citing people familiar with the matter, Apple told suppliers to pull back on efforts to increase the iPhone 14 product family by as many as 6 million units in the back half of this year "after an anticipated surge in demand failed to materialize."...Read More
According to data from Benzinga Pro, Taiwan Semiconductor Manufacturing has a 52-week high of $145.00 and a 52-week low of $68.48.
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