Qualcomm Inc (NASDAQ:QCOM) shares are trading lower by 3.6% to $139.37 Tuesday afternoon. Shares of semiconductor and chip stocks are trading lower for the session as Treasury yields rise, which has weighed on tech stocks.

The sector may be down in sympathy with ASML, which dropped following the Netherlands' decision to block the export of some lithography systems to China. The sector may also be pulling back after gaining in 2023.

What Happened With ASML?

ASML Holding's stock dropped Tuesday following the Netherlands' decision to impose export restrictions on crucial lithography systems—NXT:2050i and NXT:2100i—which are essential for advanced microprocessor production.

This action aligns with previous U.S. export limits and adheres to a September regulation requiring Dutch semiconductor companies to obtain government approval before exporting specific chip-making equipment...Read More

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According to data from Benzinga Pro, Qualcomm has a 52-week high of $146.89 and a 52-week low of $101.47.