Shares of semiconductor company Marvell Technology, Inc. (NASDAQ:MRVL) are trading lower following a Nikkei Asia report suggesting Samsung is halting new procurement orders and has asked suppliers to reduce component shipments. The sector is also down amid overall market weakness after the Federal Reserve on Wednesday raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years.
“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures,” the Fed said in a statement… Read More
