Semiconductor Stocks Tumble, Weighing On The Tech Sector

By Ryan Vlastelica Markets MarketWatch Pulse

Shares of semiconductor stocks plunged on heavy volume on Thursday, weighing on the technology sector, which in turn pressured the broader market lower. The iShares PHLX Semiconductor ETF fell 2.1%, a drop that was more than twice as severe as the 0.8% decline in the Technology Select Sector SPDR ETF . Among the biggest decliners in the group, Advanced Micro Devices Inc. fell 5% on the day while Nvidia Corp. was off 4%. Applied Materials Inc. sank 3.6%. Teradyne Inc. was the biggest loser of the group, dropping 9.9% on the day on volume of more than 6.5 million shares, more than twice its 30-day average. Bucking the trend was Intel Corp , one of the bellwethers of the sector, which was flat on the day. The Dow component is scheduled to report its quarterly results after the market closes. Semiconductors have been strong performers throughout the year, having gained more than 20% thus far in 2017, eclipsing the 18.3% rise of the overall tech sector.

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