10 Companies Reflect Market Decline

The stock market was lackluster on Thursday, with Wall Street’s main indices ending the day with marginal declines.

The Dow Jones Industrial Average dipped by 0.16 percent, the S&P 500 shed 0.21 percent, and the Nasdaq Composite declined by 0.89 percent.

Ten companies mirrored the decline on Wall Street over a series of catalysts including uncertain government policies and disappointing earnings results.

Let’s take a closer look at the worst performers and explore the factors behind their declines.

To come up with Thursday’s top losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Stock market data. Photo by Alesia Kozik

10. Texas Instruments Inc. (NASDAQ:TXN)

Texas Instruments (TXN) saw its share prices drop by 5.13 percent on Thursday to end at $187.37 apiece as investors sold off positions following news that the Chinese government kicked off a probe into US chipmakers, particularly to look into chip grants and alleged dumping, to ensure that the US was not unlawfully subsidizing chipmakers and undercutting Chinese products.

The investigation followed complaints from Chinese semiconductor companies about the US Chips Act which allocates some $39 billion to encourage Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. to develop high-end chipmaking facilities in the US.

The China Semiconductor Industry Association criticized the act, claiming that it disrupts the semiconductor supply chain and violates market economy principles.

Texas Instruments (TXN) owns a semiconductor manufacturing plant in the Chengdu High-Tech Zone in Chengdu.

9. Snap Inc. (NYSE:SNAP)

Snapchat’s parent firm Snap Inc. (SNAP) booked a 5.24-percent decline in share prices on Thursday, with investor sentiment dampened by news that the Federal Trade Commission (FTC) is set to refer a complaint against the company to the Department of Justice.

The FTC’s non-public complaint stemmed from allegations that Snapchat’s My AI chatbot  used an artificial intelligence chatbot that “poses risks and harms to young users.”

Meanwhile, a representative from Snap debunked the claims, saying that its MyAI incorporates “rigorous safety and privacy processes” and that the FTC’s complaint “lacks concrete evidence.”

The FTC said that its probe “uncovered reason to believe Snap is violating or is about to violate the law.”