By Benjamin Pimentel
The technology sector sank Monday in a broader market sell-off
as investors reacted to declines in Chinese stocks.
The Nasdaq Composite Index (RIXF) fell nearly 20 points, or
about 1%, to close at 2,009, pummeled by losses in shares of
Amazon.com Inc. (AMZN), Cisco Systems Inc. (CSCO), Apple Inc.
(AAPL) and Advanced Micro Devices Inc. (AMD)
The Morgan Stanley High Tech 35 Index (MSH) dropped 1.2%, while
the Philadelphia Semiconductor Index (SOX) retreated 1.6%.
Aside from AMD, other major chip makers were in the red,
including Nvidia Corp. (NVDA) and Texas Instruments Inc. (TXN)
However, Intel Corp. (INTC) eked a fractional gain.
Early Monday, the Semiconductor Industry Association reported
that global chip sales fell 18% year over year in July, but were up
5.3% from June.
"The fifth consecutive month of sequential increases in
semiconductor sales reflects improving demand in the consumer
sector," SIA President George Scalise said in a statement.
The Dow Jones Industrial Average (DJI) was down 48 points, with
investors reacted to declines in China's stock market.