Nasdaq drops 4.5% as chip stocks slide; Europe outperforms

Wall Street's technology sector led a sharp decline, with the Nasdaq falling 4.5% and the PHLX Semiconductor Index extending its losing streak to eight sessions, the longest since 2008. European markets showed strength, suggesting a divergence in regional performance. The selloff in tech and semiconductors signals risk-off sentiment, potentially driven by sector-specific concerns or broader growth worries.