Shares of semiconductor companies and Apple Inc. AAPL, -3.81% 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 SMH, -0.29% slumped 1.9%, with all equity components that have traded premarket losing ground, led by the 5.1% drop in STMicroelectronics NV’s stock STM, -3.16%, while shares of Nvidia Corp. NVDA, +1.01% shed 1.2%, Advanced Micro Devices Inc. AMD, +0.53% slid 0.9% and Intel Corp. INTC, +0.04% eased 0.1%. Among suppliers, shares of Qorvo Inc. QRVO, +0.51% fell 2.8%, Skyworks Solutions Inc. SWKS, -0.97% gave up 2.5%, ON Semiconductor Corp. ON, -0.76% fell 2.0% and Microchip Technology Inc. MCHP, +0.43% lost 1.1%. Meanwhile, futures ES00, +0.23% for the S&P 500 SPX, +0.11% slipped 0.5% ahead of the open.
