The technology sector fell sharply amid concern that the coronavirus outbreak will further disrupt the global supply chain.
The PHLX SOXX Semiconductor Index fell sharply, and brokeragers warned that the chipmakers in the index could have further to fall.
After the bell, chip maker Broadcom pulled its financial projections for the year, citing uncertainty around the coronavirus pandemic.
Chipmakers face “material concerns of disruption of both demand and supply as the virus goes global,” said analysts at brokerage Morgan Stanley, in a note to clients.
Apple shares fell by roughly 8% after analysts at brokerage Bank of America Global Research said supply-chain issues may force the computer-and-device giant to delay the launch of its iPhone SE2 to the second quarter.
Coronavirus has also hit the “sharing economy.” Airbnb is seeing a plunge in bookings in cities in China, Italy and other coronavirus-hit areas, according to analysis from short-term rental research firm AirDNA.
The flight from risk even reached digital-currency markets, as bitcoin fell by more than 20% to around $6100.
Write to Rob Curran at [email protected]
