On Wednesday, the exodus from tech stocks intensified, sending stocks plunging.
The Nasdaq Composite fell 1.6%, and the S&P 500 had a 1% decrease in trading. 42 points, or 0.1%, were removed from the Dow Jones Industrial Average. Tesla and Apple both experienced 1% and 2% declines.
With artificial intelligence capturing the attention of the market, it provided the most recent indication that investors were retreating from megacap technology following the group’s incredible surge this year.
In the IT sector, semiconductor stocks suffered particularly after a Bloomberg News story claimed that the Biden administration was thinking of imposing stricter trade restrictions if businesses continued to provide China with access to technology manufactured in the United States.
The report caused the VanEck Semiconductor ETF (SMH) to drop by about 4%. Around 3.8% and 6.1%, respectively, were lost by Nvidia and Taiwan Semiconductor’s U.S. listed shares.
Source (CNBC)
