The US stock market witnessed a sharp selloff on Friday, with chip stocks tumbling after a stellar rally earlier this year, pushing the Philadelphia Semiconductor Index more than 20% below its June record high and into bear market territory.
The Philadelphia SE Semiconductor Index dropped nearly 2% on Friday, crashing around 10% overall in the week to record its largest weekly fall in over a year. The chip index, however, remains more than 60% higher this year, despite the recent sell-off.
