Wall Street Opens Lower as Chipmakers Sag on TSMC Outlook; Dow Down 100 Pts

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Investing.com — U.S. stock markets opened lower on Thursday, with semiconductor names underperforming after one of the world’s biggest chipmakers said an end to the current supply squeeze was on the horizon. 

Taiwan Semiconductor Manufacturing (NYSE:TSM) CEO CC Wei told analysts on a call that he expected chip deliveries to carmakers in particular to pick up sharply in the current quarter and over the rest of the year. The news was seen as spelling an end to the windfall that chipmakers have enjoyed in the first six months of 2021. 

TSM shares were among the biggest losers in early trading, falling 5.5%, but other chipmakers suffered too: NXP Semiconductors (NASDAQ:NXPI) stock fell 4.5%, Nvidia (NASDAQ:NVDA) stock fell 1.9% and Intel (NASDAQ:INTC) stock fell 1.3%.

By 9:45 AM ET (1345 GMT), the Dow Jones Industrial Average was down 102 points, or 0.3%, at 34,830 points. The S&P 500 was also down 0.3% and the Nasdaq Composite was down 0.4%