Nasdaq 100 Falls on Chipmaker Rout as Yields Rise: Markets Wrap

Wall Street’s crowded chipmaker trade continued to unravel, dragging down stocks on speculation that a surge from this year’s lows has gone too far amid war-fueled inflation risks that have sank bonds.

A closely watched gauge of semiconductor shares dropped 3.1%, extending a three-day rout that has put the measure close to the threshold of a technical correction. While conditions for a long and painful downturn aren’t in place, the high-profile group has taken a hit after a series of records fueled by the revival of the artificial-intelligence trade. The Nasdaq 100 lost 1.3%.