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Big drops for AMD and Nvidia fuel ‘death cross’ for chip sector ahead of earnings

Semiconductor-related stocks were leading a broader tech selloff in October and showing a technical bearish signal from one index as the sector heads into the peak of earnings season amid concerns about a trade war with China.

In October alone, the PHLX Semiconductor Index SOX, -0.18% has dropped 10.3%, leading other indexes in a general market rout attributed to rising interest rates and trade war fears. In comparison, the Dow Jones Industrial Average DJIA, -0.41% is down 5.2% for the month, the S&P 500 index SPX, -0.50% is down 6.3%, and the tech-heavy Nasdaq Composite Index COMP, -0.39% is off 8.1%.

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