Stocks fell on Monday with the Nasdaq Composite index falling to the lowest level in two years as tech shares continue to be the hardest hit in this bear market because of a spiking interest rates.
The Nasdaq Composite fell more than 1.3% to touch its lowest levels since September 2020, weighed down by a slump in semiconductor stocks such as Nvidia and AMD. The S&P 500 also fell, dragged down by semi stocks and dips in major tech names Apple and Microsoft. The benchmark lost about 0.78%.
The Dow Jones Industrial Average shed 77 points, bolstered a bit by gains in Merck and McDonalds.
The slump in semiconductor stocks comes after the Biden administration announced new export controls that limit U.S. companies selling advanced computing semiconductors and related manufacturing equipment to China. Tech shares have also been hit the hardest in this sell-off as rising rates expose their relatively high valuations and raise their cost of…
