The Nasdaq fell nearly 2.0 percent to a two-week low, accompanied by losses in the S&P 500, as major chip and technology stocks came under pressure from the prospect of tighter U.S. trade restrictions on companies that give China access to advanced semiconductor technology.
A report that U.S. President Joe Biden’s administration is considering tough trade restrictions as part of a crackdown on China’s chip market weighed on semiconductor stocks, sending the Philadelphia SE Semiconductor Index down 3.5 percent to a two-week low.
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