Chip stocks are trading lower premarket, in conjunction with a broader market selloff. Nvidia Corp. shares are down 3.4%, after falling 8.5% Monday to 17% below their all-time intraday high of $249.27. Advanced Micro Devices Inc. shares have made a similar move, dropping 3.3% premarket on top of a 7.1% decline in Monday trading. The stock was down 26% from its 52-week intraday high of $15.65 as of Monday’s close. Shares of Intel Corp. are down 1.4% premarket. They dropped 3.5% Monday, while the Philadelphia Semiconductor Index was off 4.7%. Notable outliers in early trading include Micron Technology Inc. and Skyworks Solutions Inc. , whose stocks are up 3.5% and 1.7%, respectively, following announcements from management late Monday. Micron raised its outlook and said it had found a new CFO, while Skyworks reported better than expected earnings. The Philadelphia Semiconductor Index is up 0.2% so far in 2018, while the S&P 500 is down 0.9%.
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