Tech stocks are getting crushed again after chipmaker comeback sputters

After a comeback rally on Monday and early in Tuesday's session, stocks turned lower by late morning as a chipmaker-led rally soured. The Nasdaq 100 was down almost 4% and the S&P 500 fell about 2%. The VanEck Semiconductor ETF plunged nearly 7% around 1 p.m. ET; some of the hardest-hit names included Marvell, optical companies, and quantum-computing plays.

Nvidia slid 4%, Micron lost 9%, and Broadcom dropped 6%. Indexes around 1 p.m. ET stood at S&P 500: 7,274.68, down 1.77%; Dow Jones Industrial Average: 50,334.13, down 0.89% (-451.88 points); and Nasdaq 100: 28,428.90, down 3.35%. The sell-off was abrupt, reversing earlier gains when the indexes had been up roughly 1% each, and the VIX jumped about 10%.

United States

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