Tech stocks dive after report that Biden administration plans to crack down on China chipmakers
CNN
Tech shares slumped Wednesday as investors shed the behemoths that fueled Wall Street’s monster stock rally this year.
Tech shares slumped Wednesday as investors shed the behemoths that fueled Wall Street’s monster stock rally this year. The Nasdaq Composite index tumbled 2.7% and the S&P 500 lost 1.3%. The Dow rose 0.5%. Shares of tech heavyweight Nvidia (NVDA) slumped 6.2% and rival chipmaker Advanced Micro Devices (AMD) dropped by 7.8%. The selloff comes after a Tuesday report from Bloomberg that the Biden administration is mulling plans to impose more sanctions on Chinese tech firms and to heighten semiconductor trade restrictions between the US and China. The US Commerce Department did not immediately respond to CNN’s request for comment. Investors are also selling tech stocks after a cool inflation report last week and stronger-than-expected retail sales data on Tuesday pushed up bets for a rate cut in September. Wall Street is looking to beaten-down stocks that tend to perform better when borrowing costs are low.
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