ON Semiconductor Corporation is trading 4.2% down at $125.11 in pre-market following a technical pullback and broader semiconductor sector weakness.
- The decline follows a sharp two-day rally earlier this week, with the stock facing selling pressure amid recent volatility in the Nasdaq.
- Sentiment across the chip sector has softened following disappointing news surrounding AI-related names.
- Traders are framing the move as a correction after the stock's recent outperformance.