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April 4 - Semiconductor stocks are in freefall today, with growing concerns over tariffs and economic instability. The Nasdaq Composite Index has officially entered bear market territory, down over 20% since December.
Stocks like Marvell Technology (NASDAQ:MRVL) are taking a hit, down 12% in midday trading. It's now down 50% year-to-date. ON Semiconductor (NASDAQ:ON) also slid 4.5%, marking a 44% drop for the year. Broadcom (NASDAQ:AVGO) and Microchip Technology (NASDAQ:MCHP) didn't fare much better, losing 7% and 6%, respectively.
Nvidia (NASDAQ:NVDA) continues to slide, dropping another 6%. It's almost wiped out all the gains from last year. The Philadelphia Semiconductor Index (SOX) is down 7%, reaching its lowest point since November.
Adding to the chaos, China has slapped a 34% tariff on U.S. imports. This brings the total tariff rate on Chinese goods to nearly 79%. Apple (NASDAQ:AAPL), which has strong ties with Vietnam, is seeing some pressure too. Meanwhile, Micron Technology (NASDAQ:MU) and Taiwan Semiconductor Manufacturing (NYSE:TSM) both saw drops, with Super Micro (NASDAQ:SMCI) losing 7% as well.
This article first appeared on GuruFocus.