Taiwan Semiconductor Manufacturing Co. shares fall as chip stocks drag down global markets despite strong earnings from UnitedHealth Group.
Taiwan Semiconductor Manufacturing Co. shares declined as a higher spending forecast overshadowed a better-than-expected second-quarter report, contributing to a broader slide in global markets. The S&P 500 and Nasdaq Composite both fell as investors scrutinized high valuations in the artificial-intelligence boom. While many chipmakers saw losses, UnitedHealth Group shares rose more than 6% after the health insurance giant posted a profit beat and raised its full-year outlook. Economic data provided a mixed outlook for the U.S. economy. Jobless claims were lower than expected, indicating a solid labor market, while retail sales met expectations despite higher pricing pressures. Meanwhile, escalating tensions between the U.S. and Iran continued to influence energy prices. President Trump said Iran expressed a willingness to negotiate, even as the U.S. military carried out fresh strikes on Iranian targets. These hostilities have kept oil prices near their monthly highs as the market monitors the Strait of Hormuz.