NVIDIA plummeted by 6.6% on Wednesday and is down by 16% from its June 20 intra-day all-time record
PHLX Semiconductor Sector Index (SOX) just had the worst day since the COVID crash of March 2020
NVIDIA stock declined by 6.6% on Wednesday, to the lowest level since early June, and is down by 16% since its intra-day all-time high recorded on June 20.
This came after reports that the Biden administration is considering more trade restrictions to further limit China’s ability to manufacture semiconductors. This significantly weighed on the entire semiconductor sector.
PHLX Semiconductor Sector Index (SOX) just had the worst day since the COVID crash of March 2020 and dropped by 6.8%.
Overall, the S&P 500 declined by 1.4% and the Nasdaq by 2.8% (the worst day in 19 months) with the Volatility Index, $VIX, spiking by 10%.
Things looked overly stretched in the markets and it appears that a correction finally has come. Additionally, if the chatter of further crackdowns on chip exports to China turns out to be true, there might be more issues for stocks ahead.
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