- The Philadelphia Semiconductor Index falls 1.1% versus the 0.12% dip for the tech sector (NYSEARCA:XLK) after President Trump tweets that he will impose an additional 10% tariff on the remaining $300B of goods and products imported from China as of the start of next month.
- Trump also said U.S. representatives have had constructive talks with China.
- Chip stocks were already primed for pressure from yesterday's disappointing earnings results from Qualcomm and Lam Research.
- Components on the move: ON Semi (ON -3.3%), Silicon Motion (SIMO -3.1%), Maxim (MXIM -3.3%), Micron (MU -2.2%), Microchip (MCHP -2.5%).