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) was down about 27 points, or
1.3%, at 2,002 early afternoon, pummeled by losses in shares of
Amazon.com Inc. (AMZN), Cisco Systems Inc. , Dell Inc. and Advanced
Micro Devices Inc. (AMD)
The Morgan Stanley High Tech 35 Index (MSH) was behind 1.6%,
while the Philadelphia Semiconductor Index (SOX) retreated
2.1%.
Aside from AMD, other major chip makers were in the red,
including Intel Corp. (INTC), Nvidia Corp. (NVDA) and Texas
Instruments Inc. (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 statement.
The Dow Jones Industrial Average (DJI) was down more than 80
points at last check, with investors reacted to declines in China's
stock market.