Nasdaq Plunges 5% as Chip Stocks Sink — SkimNews
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- Nasdaq plunged 5% into correction territory as chip stocks sold off, while the Dow slid more than 1,000 points and both the Dow and S&P 500 surrendered post-election rally gains.
- Qualcomm and fellow chip names Micron, Sandisk and AMD sank, pulling the sector lower as tech stocks plunged on worries about AI.
Why it matters: Technology and chip investors bore the immediate damage: the Nasdaq fell 5% and the Dow lost more than 1,000 points, while the Dow and S&P 500 erased post-election gains. The important detail is the breadth, with Qualcomm, Micron, Sandisk and AMD all sinking as the chip sector headed lower.
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