Stock market news today: Chip stocks slip again, set to end week with heavy losses
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Published 2024-07-19
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Chip stocks retreated on Friday, set to end the week heavily in the red.
Nvidia (NVDA) dropped more than 2% during the session. The AI heavyweight is on pace to end the week with losses of more than 8%.
Chip equipment maker ASML (ASML) also declined on Friday, on track to tally a decline of 17% over the past five sessions.
The sell-off in semiconductors went into full gear earlier this week as geopolitical headwinds emerged. Investor worries grew over a report regarding the possibility of tighter US restrictions on exports of semiconductor technology to China.
Recent comments from former President Donald Trump during a Bloomberg interview about Taiwan, a major chip manufacturing hub, also helped spur a sell-off.
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