Tech stocks plunge amid fears of China restrictions
The Nasdaq took a significant plunge on Wednesday driven by falling tech stocks as fears mounted over potential new restrictions on semiconductor exports to China. The sell-off was triggered by a Bloomberg report suggesting Joe Biden administration is considering implementing sweeping regulations to further limit sales of critical chipmaking equipment to China. The Philadelphia Semiconductor Index experienced its most substantial one-day decline since the COVID-19 pandemic, plummeting 6.8%. One day’s trading saw $500 billion in market value from chip-related stocks wiped out. Yet, despite the setback, the index remains up 30% for the y...... Read Full article on HadNews