Why Lam Research Stock Sank Today
Portfolio Pulse from Ryan Gustafson
Lam Research Corporation (LRCX) shares fell amid a tech selloff due to rate hike fears following US jobs data. The sector is also under pressure due to China's planned iPhone crackdown and Huawei's new smartphone announcement. China enacted a ban on Apple (AAPL) devices for official purposes, causing fears of a growing trade war and further-reaching bans.
September 07, 2023 | 7:16 pm
News sentiment analysis
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NEGATIVE IMPACT
AAPL is under pressure due to China's ban on its devices for official purposes.
China's ban on Apple devices for official purposes could potentially impact Apple's sales and market share in the country, putting pressure on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 80
NEGATIVE IMPACT
LRCX shares fell due to rate hike fears and China's tech crackdown.
The stock fell due to a combination of rate hike fears following US jobs data and China's crackdown on foreign technology, including a ban on Apple devices for official purposes.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100