Chip Stocks Sink to Lowest Since 2020 as US Expands China Curbs

The Philadelphia Stock Exchange Semiconductor Index fell 3.5%, closing at its lowest level since November 2020. The index dropped nearly 10% over the past three trading days, and is now down more than 40% so far this year. Semiconductor capital equipment companies led the day’s declines, with Applied Materials Inc. tumbling 4.1%, Lam Research Corp. off 6.4% and KLA Corp. down 4.7%. Advance Micro Devices Inc. dropped 1.1%, ending at its lowest since July 2020, while Marvell Technology Inc. shed 4.8%.