Qualcomm (QCOM) shares plummeted 7.42% in a significant 24-hour decline, as semiconductor stocks faced a brutal selloff amid escalating trade tensions. The drop came as part of a broader market downturn, with Nasdaq 100 futures falling 4% in pre-market trading.
The semiconductor sector was hit particularly hard, with the SOXL ETF plunging 15%. While Qualcomm wasn't specifically mentioned, other major players in the chip industry such as Super Micro, ARM Holdings, Broadcom, and AMD all experienced substantial losses ranging from 6% to 9%.
The selloff was largely attributed to ongoing concerns about U.S. trade policies. President Donald Trump's comments about the need to eliminate the U.S. trade deficit and his stance on tariffs have heightened market fears. Despite the market turmoil, 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.
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