Why Shares of Taiwan Semiconductor, Coinbase, and Upstart Fell Today
Shares of several tech-related stocks fell today after a hotter-than-expected inflation report sent the market downward.
Shares of the large chipmaker Taiwan Semiconductor (NYSE: TSM) fell roughly 2.5% today. Meanwhile, shares of the large crypto exchange Coinbase (NASDAQ: COIN) fell roughly 6.8%, and shares of the artificial intelligence-assisted lender Upstart (NASDAQ: UPST) fell almost 3%.
Earlier this morning, the U.S. Commerce Department reported that the Personal Consumption Expenditures Price Index (PCE), excluding food and energy, rose 0.6% in January on a monthly basis. The PCE was up 4.7% year over year. The PCE is the Fed's preferred gauge of inflation, and the January numbers came in above estimates.
Source Fool.com
