S&P 500 futures and Nasdaq 100 futures were lower Thursday, after a slide in Taiwan Semiconductor following its latest earnings dragged on chip stocks.

S&P 500 futures
 were down 0.4%. Nasdaq 100 futures
 shed 1%. Futures tied to the Dow Jones Industrial Average
 added 17 points, or 0.02%, outperforming thanks to a more than 6% advance in UnitedHealth, which easily topped earnings expectations.

Taiwan Semiconductor declined by 4.6%, as an increase in its spending forecast overshadowed a better-than-expected second-quarter report. The company expects capital expenditures to clock in between $60 billion and $64 billion for the year, up from a prior guidance in the range of $52 billion to $56 billion.

The VanEck Semiconductor ETF (SMH)
 slid 2.2%, led by a 4% drop in Arm Holdings. After SK Hynix
 shares plunged 11% in Seoul, Switzerland’s ST Microelectronics
 — Europe’s largest semiconductor manufacturer — shed 3%. Dutch chip imprint ASMI
 dropped 2.92%, and Germany’s Infineon Technologies
 fell 2.8%.

Wall Street is coming off a winning session after a softer-than-expected U.S. producer price index added to optimism that inflation is cooling. Additionally, strong earnings from major financial firms reassured investors that earnings growth remains intact, despite easing inflation, while lower Treasury yields boosted demand for growth stocks, particularly mega-cap technology companies.