ASML earnings drag semiconductor stocks lower

Chip stocks fell on Wednesday after key semiconductor manufacturing equipment maker ASML said that sales suffered a steeper drop than investors had expected.

Its top two customers accounted for over half of its 2023 sales. Sales were down in Taiwan and South Korea, where TSMC and Samsung are based, respectively. Total bookings for ASML's machines fell 4% year-over-year, and CEO Peter Wennink said in a statement that he expects the second half of 2024 to be stronger than the first half as the semiconductor industry manages a "recovery from the downturn" and said the company was in a "transition year."

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