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Chip sector closing in on ‘worrisome’ technical level as China trade war deepens

Chip-related stocks were looking at their worst week since their sharp drop in December as China tariff fears gripped the particularly trade-war sensitive sector, putting an index that follows the sector close to a worrisome technical level, according to one analyst.

The PHLX Semiconductor Index SOX, -1.07% fell 0.9% Thursday, and was down 5.8% for the week, the worst week for the SOX index since late December when it fell 6.5%.

Recently, the index saw a string of six straight days of record highs in late April. In comparison, the Dow Jones Industrial Average DJIA, -0.78% and the S&P 500 index SPX, -0.59% were both down 2.5% for the week, and the Nasdaq Composite Index COMP, -0.75% was off 3%.

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