ON Semiconductor stock slides before the open on CPI day: what investors watch next
ON Semiconductor shares fell 5.5% Monday and slipped another 0.3% to $58.59 in early premarket trading Tuesday. The moves come ahead of the U.S. CPI inflation report at 8:30 a.m. ET, which could shake up rate forecasts and tech valuations. The company recently announced a $6 billion buyback program. Broader chip stocks showed mixed premarket action, with the sector ETF up 0.5%.