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Chip stocks and Apple supplier shares fall after report of disappointing iPhone demand

Shares of semiconductor companies and Apple Inc. suppliers were broadly lower in premarket trading Wednesday, after Bloomberg reported overnight that Apple is dropping plans to boost iPhone production because an expected surge in demand didn't materialize. The VanEck Semiconductor ETF slumped 1.9%, with all equity components that have traded premarket losing ground, led by the 5.1% drop in STMicroelectronics NV's stock , while shares of Nvidia Corp. shed 1.2%, Advanced Micro Devices Inc. slid 0.9% and Intel Corp. eased 0.1%. Among suppliers, shares of Qorvo Inc. fell 2.8%, Skyworks Solutions Inc. gave up 2.5%, ON Semiconductor Corp. fell 2.0% and Microchip Technology Inc. lost 1.1%. Meanwhile, futures for the S&P 500 slipped 0.5% ahead of the open.

-Tomi Kilgore


(END) Dow Jones Newswires

09-28-22 0812ET

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