Tech stocks fall after report that Biden administration plans to crack down on China chipmakers ...Middle East

By Krystal Hur, CNN New York (CNN) — Tech shares fell Wednesday as investors shed the behemoths that fueled Wall Street’s monster stock rally this year. The Nasdaq Composite index tumbled 2.7% and the S&P 500 lost 1.3%. The Dow rose 0.5%. Shares of tech heavyweight Nvidia (NVDA) slumped 6.2% and rival chipmaker Advanced Micro Devices (AMD) dropped by 7.8%. The selloff comes after a Tuesday report from Bloomberg that the Biden administration is mulling plans to impose more sanctions on Chinese tech firms and to heighten semiconductor trade restrictions between the US and China. Investors are also selling tech stocks after a cool inflation report last week and stronger-than-expected

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