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HomeUncategorizedS&P 500 tech sector falls to lowest levels since 2002

S&P 500 tech sector falls to lowest levels since 2002

Bloomberg details that the shares of companies that produce chips have been falling as a reflection of the restrictions imposed by the US on China to access to American technology.

Shares of technology companies that are part of the S&P 500 stock index fell this Monday to its lowest levels since 2002, reports Bloomberg.

According to the agency, the technology sector of the S&P 500 faces so far this year its biggest decline in two decades with respect to the general index.

Bloomberg details that the shares of chip-producing companies fell amid US-imposed restrictions on China’s access to American technology. In particular, the semiconductor company AMD increased its losses after the forecast of a disastrous reduction in demand.

Previously, the Financial Times reported that US stocks fell for the third consecutive quarter, in what constitutes the worst quarterly streak recorded since the collapse of the financial market in 2008. According to the media , equities are experiencing a difficult year as central banks, including the US Federal Reserve (Fed), have shown a determination to rein in high levels of inflation through higher interest rates, thus reducing the support for economic growth.

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