Chip Stocks Sink on China Competition Concerns, Erasing Early Gains

The S&P 500 and the Nasdaq Composite reversed gains, wavering near the flatline after opening higher. The PHLX Semiconductor Index was down 4.3% after opening higher. Nvidia, AMD, Micron, and ASML are some of the chip maker stocks dragging the semi index and the broader market lower, thanks to the group's heavy impact on the major indexes.