The Dow Jones Industrial Average fell 0.66% to 53,004.25, the S&P 500 lost 1.66% to 7,560.88, and the Nasdaq Composite lost 3.09% to 24,941.44. (EPA Images pic) NEW YORK: US stocks dropped sharply on Thursday, with the Nasdaq poised to confirm correction territory as steep losses in chip and data centre-related stocks weighed a day after the Democrats' sweeping midterm election victory powered a broad-based rally.
Qualcomm slid 9% after the chipmaker fell short of Wall Street estimates for fourth-quarter smartphone chip sales on sluggish demand and declining Apple-related revenue.
The broader semiconductor index extended declines and was down 7.1%, with losses in Nvidia, Advanced Micro Devices, Intel and Marvell Technology weighing heavily.
