Qualcomm (QCOM) shares plummeted 5.01% in pre-market trading on Monday, as the semiconductor giant faced mounting pressure from escalating trade tensions and a broader market selloff. The decline comes as part of a significant downturn in the technology sector, particularly affecting semiconductor stocks.
The semiconductor industry is experiencing a brutal selloff, with the SOXL ETF plunging 15% and other major players such as Super Micro, ARM Holdings, Broadcom, and AMD all experiencing substantial losses ranging from 6% to 9%. This sector-wide decline is largely attributed to ongoing concerns about U.S. trade policies and their potential impact on global supply chains and demand for semiconductor products.
Adding to the market turmoil, President Donald Trump's recent comments have heightened investor fears. Despite the significant market losses, Trump stated, "I don't want anything to go down, but sometimes you have to take medicine to fix something," indicating no immediate plans to reverse course on trade policies. This uncertainty has led to a risk-off sentiment, particularly affecting technology and semiconductor stocks like Qualcomm, which are sensitive to trade issues and global economic conditions. As a result, Nasdaq 100 futures fell 4% in pre-market trading, signaling a potentially challenging day ahead for tech stocks.
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