A popular way to bet on the fortunes of the technology sector on Monday was on track for its steepest one-day drop since mid-August. The Technology Select Sector SPDR ETF was 1.2% lower in late-morning trade, underlined by sharp drops in shares of chip manufacturers Advanced Micro Devices Inc. , Micron Technology , and Nvidia Corp. shares . The tech ETF was on pace for its worst daily drop since Aug. 17, when it tumbled nearly 2%, according to FactSet data. A separate fund representing the semiconductor sector, including Nvidia and AMD, was also down sharply and looking at its worst session drop since mid August. The iShares PHLX Semiconductor ETF was down 1.7% on Monday, most recently. The broader market was also under pressure led by the slide in the tech sector. The S&P 500 index was down 0.4% at 2,492, while the Dow Jones Industrial Average was off 0.4%, pressured by a decline in Apple Inc.’s stock . Apple’s shares also weighed on the tech-heavy Nasdaq Composite Index , which was trading 1% lower at 6,362. Apple is the largest component in the tech ETF.
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