S&P 500, Nasdaq post worst day since 2025 tariff race; semis hit pandemic-era low

US equities suffered their steepest one-day decline since the spring 2025 tariff shock, with the semiconductor sector posting its worst session since the pandemic. The move, described by fund managers as capitulation, signals a sharp risk-off repricing, though the specific trigger is not stated in the item. This suggests a broad de-risking event, likely tied to renewed trade or growth fears, with tech and semis leading the downside.

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