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Semi stocks drop after Trump's tariff tweet

Aug. 01, 2019 2:08 PM ETXLK, ADI, MU, MCHP, ON, SIMOBy: Brandy Betz, SA News Editor56 Comments
  • 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%).

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