{"id":122918,"date":"2019-06-14T23:10:26","date_gmt":"2019-06-14T23:10:26","guid":{"rendered":"https:\/\/www.bnreport.com\/wall-street-drops-as-broadcom-warning-hits-chip-sector\/"},"modified":"2019-06-14T23:10:26","modified_gmt":"2019-06-14T23:10:26","slug":"wall-street-drops-as-broadcom-warning-hits-chip-sector","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/wall-street-drops-as-broadcom-warning-hits-chip-sector\/","title":{"rendered":"Wall Street drops as Broadcom warning hits chip sector"},"content":{"rendered":"

Wall Street's main indexes dropped on Friday, as shares of chipmakers sank on a warning from sector major Broadcom<\/a> of a broad weakening in global demand and Chinese data pointed to the worst slowdown in industrial growth in 17 years.<\/p>\n

Shares of Broadcom Inc plunged 6.83% after it cut its full-year revenue forecast by $2 billion, blaming the U.S.-China trade conflict and export curbs on Huawei<\/a> Technologies Co Ltd.<\/p>\n

Shares of Apple Inc also slipped 1.66% and weighed the most on the three main indexes. Broadcom is a major supplier to the iPhone maker.<\/p>\n

"Broadcom is definitely leading markets lower and that might drive other chips lower as well. Some of it is also about the U.S.-China trade war and the fight over Huawei," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.<\/p>\n

Meanwhile, China's industrial output growth in May slowed below expectations and showed signs of weakening demand, sending a chill through stock market investors globally.<\/p>\n

Losses in chip companies, who both source product and sell heavily in China, dragged the benchmark S&P 500 index lower, with the Philadelphia Semiconductor index tumbling 3%. Technology stocks fell 1.06%, the most among the 11 major S&P sectors.<\/p>\n

"China was to be expected because tariffs are having an effect on them and that's starting to show up," Forrest said.<\/p>\n

At 9:57 a.m. ET the Dow Jones<\/a> Industrial Average was down 99.94 points, or 0.38%, at 26,006.83, the S&P 500 was down 10.68 points, or 0.37%, at 2,880.96 and the Nasdaq Composite was down 50.39 points, or 0.64%, at 7,786.74.<\/p>\n

The S&P 500 index has gained 4.7% in June so far and was on track to end the week slightly higher, on hopes the Federal Reserve will soon cut interest rates.<\/p>\n

A Fed meeting next week may provide the acid test of market expectations that the U.S. central bank could cut rates as much as three times this year, while a Read More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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