In premarket trading on Thursday, technology stocks, particularly in the semiconductor sector, faced notable declines. Broadcom's shares plummeted 14.6% after the company reported earnings that fell short of expectations, which has prompted investors to reassess their positions in chipmakers.
This downturn was reflected in the performance of other major players, with Micron Technology down 6.2% and Marvell Technology falling 6.9%. Additionally, Qualcomm, Intel, and AMD also saw declines of 4%, 3.9%, and 4%, respectively.
The overall sentiment in the market was negative, as futures for the tech-heavy Nasdaq were down 1.3%, indicating a broader retreat from technology stocks ahead of the market opening