Texas Instruments (NASDAQ:TXN) appeared to drag semiconductor stocks down with it following its mixed third-quarter results and weaker outlook.
The analog chipmaker had plunged 8% by afternoon trading on Wednesday as virtually all semiconductor stocks followed suit amid strong selloffs in the sector.
The Philadelphia Semiconductor Index (SOX) was down 3.6% compared to declines of 0.8% for both the S&P 500 Index (SP500) and the Dow Jones Industrial Average Index (DJI) and a 1.5% drop in the NASDAQ Composite Index (COMP:IND).
Highly rated semiconductor stocks such as Micron Technology (NASDAQ:MU), Taiwan Semiconductor Manufacturing (NYSE:TSM) and Advanced Micro Devices (AMD) were down 3.3%, 2.7% and 4.5%, respectively.
Intel (NASDAQ:INTC) had slipped 4.5%, while Nvidia (NVDA) and Broadcom (AVGO) had both declined nearly 2%. Marvell (NASDAQ:MRVL) had dropped nearly 6%.
Analog semiconductor stocks were among the hardest hit. In addition to Texas Instruments’ tumble, Analog Devices (ADI) was down 3.5%, while Microchip Technology (MCHP) and ON Semiconductor (NASDAQ:ON) had both fallen 6%. It was reported earlier in the day that the People’s Republic of China has deepened its anti-dumping probe into U.S. companies producing analog integrated circuits as the trade issues between the two nations continue.
Credo Technology (CRDO) had declined 6%, while Cirrus Logic was down 2%. Meanwhile, Qualcomm (NASDAQ:QCOM) had one of the slightest declines across the sector, with a 0.7% dip.