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Semiconductor names with heavy China exposure also faced intense selling. Marvell Technology dropped 12%, Intel slid 10%, and Broadcom shed over 7%.
Server and PC makers bore additional pain: Dell Technologies sank 22.3%, HP fell 19.1%, and Super Micro Computer lost 14.4%. Hewlett Packard Enterprise was down 21.8%. Wedbush estimates a 15% hit to overall tech earnings if tariffs remain in place, likening the potential disruption to the early pandemic period.
Which Sectors Are Buckling Under Trade War Pressures?
Losses spread well beyond tech. The energy sector dropped 7.1% as oil prices plunged, dragging Shell down 8%. Industrials were hit hard, with Boeing falling 9% and GE Aerospace over 8%.
In financials, major banks including Goldman Sachs, Citigroup, and JPMorgan lost 7-8%, as recession fears climbed. Agriculture-linked names like Deere and Caterpillar declined over 5%, while materials, real estate, and consumer discretionary stocks also saw heavy selling.
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