Market Turmoil as Chip and Tech Sectors Face Pressure
Wednesday, 17 July 2024, 13:35
Market Turmoil Sparks Declines
The Nasdaq suffered a significant drop of nearly 2% to reach a two-week low, with major chip and tech stocks encountering heavy losses.
Impact of Trade Restrictions
- Chip Industry Under Pressure: Growing concerns over potential trade restrictions on semiconductor technology transfers to China led to increased selling pressure on chip stocks.
- Philadelphia SE Semiconductor index Tumbles: The index nosedived by 3.5% to hit a two-week low in response to the contemplation of stringent trade curbs.
Republican presidential candidate Donald Trump's remarks regarding Taiwanese defense contributions further exacerbated the market downturn.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.