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Chip and memory stocks fell in a fresh bout of Wall Street turbulence, as investors pulled away from the shares that had done the most to lift markets this year.
That is the tension in the trade: the stocks that built the year's gains are now the ones absorbing the selling.
When the leaders become the exit Companies that lead a market into gains carry the most to lose when sentiment turns. Chip and memory names have been in that position this year.
They enter any downturn with the largest gains in play, which makes them the most natural exit for investors cutting exposure.
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