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Wall Street slides amid megacap tech, chip stocks rout

Pelican Press

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Wall Street slides amid megacap tech, chip stocks rout

The Nasdaq has slumped nearly 2.0 per cent to a two-week low, accompanied by losses on the S&P 500, as major chip and tech stocks were pressured by the prospect of tighter US trade curbs on companies giving China access to advanced semiconductor technology.

A report that the administration of US President Joe Biden was considering severe trade restrictions as part of a chip clampdown against China weighed on semiconductor stocks, sending the Philadelphia SE Semiconductor index spiralling 3.5 per cent to a two-week low.

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