Lam Research Corporation (NASDAQ:LRCX) shares are trading lower Thursday amid a selloff in tech on rate hike fears following US jobs data.
Some stocks in the sector are also under pressure amid China’s planned iPhone crackdown and Huawei’s announcement of a new smartphone powered by a 5G Kirin 9000s chip.
What To Know: In an attempt to restrict its dependence on foreign technology, China enacted a ban on Apple (NASDAQ:AAPL) devices for official purposes on Thursday. Tech and semiconductor stocks got slammed in response amid fears of a growing trade war between U.S. and China and further-reaching bans.
Huawei’s Mate 60 and Mate 60 Pro smartphones, boasting performance levels matching those of 5G speeds, have helped support China’s mission, offering a Chinese-made high-end smartphone which can realistically compete with the iPhone.
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LRCX Price Action: Shares of LRCX were down 2.93% at $675.82 at the time of publication, according to Benzinga Pro.
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