Shares of technology companies rose as hopes for strong earnings offset warnings about supply-chain issues.
Shares of Apple fell after reports that the tech giant's iPhone production could be slowed because of interruptions in the semiconductor supply chain. One strategist said the fact that Apple is struggling to meet orders reveals the catastrophic scale of the supply-chain issues. "You have to remember, if you're a vendor (and) if you're contributing to the semiconductor sector, then Apple is your preferred client ... Apple gets priority over everybody," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group. "If Apple is slashing production forecasts, you're in trouble for supply chains ... this is not going to ease any time soon."
While Apple itself will likely see more revenue delays than order cancellations, many tech hardware products may go unsold if manufacturers are unable to deliver them in time for the holiday season, Mr. Moya said.
Troubled electric-vehicle maker Lordstown Motors named Adam Kroll as its next chief financial officer, effective Oct. 25.
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(END) Dow Jones Newswires