Chipmakers had been boosted by increased demand during the pandemic and have generally reported strong earnings and outlooks in the past month.
The fall in chip stocks was a sector-wide slump and many smaller names also fell on Friday. The VanEck Vectors Semiconductor ETF, which trades under the tickeras the technology-heavy Nasdaq Composite fell 2.78% and the Dow Jones Industrial Average fell over 500 points.
Stocks dropped sharply in the afternoon after a jump in oil prices apparently tied to increased concernsTreasury yields rose on Friday, suggesting that investors are also closely following the possibility that the Fed could hike interest rates faster than previously expected. Goldman Sachs analysts said this week that it expects seven rate hikes in response to inflation,
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