Why ON Semiconductor Shares Are Falling Today

Shares of several companies in the broader tech sector, including ON Semiconductor Corp ON, are trading lower going into the close of Wednesday's session amid overall market weakness following today's Fed decision to raise interest rates by 50 basis points.

What Happened?

The broader market is sliding Wednesday afternoon after the Federal Reserve raised its target range for the federal funds rate by 0.5%, bringing the new target up to a range of 4.25% to 4.5%.

The Fed will continue to reduce its holdings of Treasury securities, agency debt and agency mortgage-backed securities on a monthly basis. The committee anticipates that ongoing increases in the target range will be appropriate to return inflation to its 2% goal over time...Read More

According to data from Benzinga Pro, ON has a 52-week high of $77.28 and a 52-week low of $44.76.