By Benjamin Pimentel
The tech sector sank early Monday in a broader market sell-off
as investors reacted to declines in Chinese stocks.
The Nasdaq Composite Index (RIXF) lost about 23 points, or 1.1%,
to 2,005, pummeled by losses in shares of Dell Inc. and Advanced
Micro Devices Inc. (AMD).
The Morgan Stanley High Tech 35 Index (MSH) was behind 1.4%,
while the Philadelphia Semiconductor Index (SOX) retreated
1.8%.
Aside from AMD, other major chip makers were in the red,
including Intel Corp. (INTC), Nvidia Corp. (NVDA) and Texas
Instruments (TXN). 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 prepared statement.
.
The Dow Jones Industrial Average (DJI) was down more than 80
points as investors reacted to declines in China's stock
market.