The relief rally in tech stocks crumbles on Tuesday, as chip stocks plummet with AMD and SOXL among biggest losers.
A brief morning pop in technology stocks evaporated Tuesday, leaving chip names and leveraged ETFs deep in the red as sellers reasserted control and snuffed out any hope of a sustained recovery. The intraday pattern was unmistakable — an early bounce, a rejection at resistance and a hard fade that accelerated into midday.
AMD stock is sinking. See the chart and price action here.
Tech stocks tumble again
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S&P 500 closes 0.3% lower as NASDAQ drops 1.1% in tech-led selloff
No clear catalyst for the market decline, but there are plenty of suspects.
Shares of technology companies slid as traders dumped high-flyers in the sector in anticipation of rising interest rates.
More than twice as many stocks rose within the S&P 500 than fell, but sinking technology stocks weighed on the index for a second…
(Bloomberg) -- A rotation that has seen investors bail from richly priced technology names in favor of more economically…
(Bloomberg) -- A rotation that has seen investors bail from richly priced technology names in favor of more economically…
The SOX semiconductor index plunged 10.3%, erasing over $1 trillion in chip stock value as Broadcom's weak AI demand outlook…
