Intel stock dropped on Friday, dragged down by tariff worries despite a report that the company has reached a preliminary agreement with Taiwan Semiconductor Manufacturing (TSMC) about its chip-manufacturing operations.

Troubled chipmaking giant Intel Corp. has reached a preliminary agreement with its rival Taiwan Semiconductor Manufacturing Co. to create a joint venture that will take over the running of its chip fabrication plants in the U.S.

Intel, planning a massive central Ohio facility, may have a new partner in its chipmaking operations, according to a report from The Information.