Chipmakers Tumble Most Since June on Report Apple Cut Orders
- Semiconductor index on pace for worst week since January
- Post-election tech rout resumes on trade, regulatory concern
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Chipmakers dropped the most in five months after a report that Apple Inc. is reducing orders for iPhone 7 parts reignited a post U.S.-election selloff in technology stocks.
The Philadelphia Semiconductor Index slumped 4.9 percent as all 30 members fell. The gauge is on pace for its worst week in almost 11 months, having declined 5.9 percent. The S&P 500 Information Technology Sector Index fell 2.3 percent, the most since early September. Apple slipped 1 percent to $109.47 after Digitimes said the company is cutting orders amid fading sales momentum.