U.S. stocks open Mixed on Thursday; TSMC Shares Drop 3% Despite $100B Additional U.S. Investment Plan Following Earnings Beat

Tiger Newspress
07/16

The S&P 500 fell Thursday, after a slide in Taiwan Semiconductor following its latest earnings dragged on chip stocks.

The broad market index shed 0.2%, while the Nasdaq Composite lost 0.4%. The Dow Jones Industrial Average traded 107 points higher, or 0.3%, thanks to a more than 6% advance in UnitedHealth, which easily topped earnings expectations.

Taiwan Semiconductor Manufacturing is planning to invest an additional $100 billion in the U.S. as the chip manufacturer reported another surge in earnings and revenue. But the stock was falling 3% early Thursday, with shareholders seemingly spooked by the increased spending.

The Taiwanese chip manufacturer ported a net profit of 706.56 billion New Taiwan dollars ($21.94 billion) for the second quarter, up 77% from the same period a year earlier.

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