The Philadelphia semiconductor index fell more than 3% Thursday, extending losses amid broad declines in memory-chip stocks.
The Philadelphia semiconductor index, or SOX, declined over 3% in late-morning trading Thursday, marking a second consecutive session of losses. Memory-chip maker SK Hynix led the downturn among index components, contributing to the broader selloff in chip stocks.
The SOX, which tracks the 30 largest U.S.-traded semiconductor stocks, has faced pressure amid volatility in the tech sector. Earlier declines were driven by weaker-than-expected earnings from key players and concerns over demand for memory chips.
The Nasdaq composite also slid Thursday, with heavy losses in Sandisk and SK Hynix shares. TSMC triggered sell rules following its earnings report, adding to the negative sentiment.