The Nasdaq Composite dropped on Wednesday as investors processed the previous session’s broad market rise and semiconductor stocks came under pressure.
The Dow Jones Industrial Average dropped 65 points, or 0.2%, while the tech-heavy index dropped 0.3%. The S&P 500 had no change.
After The Wall Street Journal reported that the United States was exploring new export curbs to China, chip stocks declined in the premarket. AMD shares dropped more than 3% while Nvidia shares plunged 4%. the SOXX index of the iShares Semiconductor ETF fell 1.5%.
The Dow saw its first profitable day in seven on Tuesday, with the index finishing 0.63% higher. Despite the selloff in tech companies last week, the S&P 500 and the Nasdaq Composite both increased by more than 1%.
Source (CNBC)