Qualcomm Leads Chip Sector Selloff as Tariff Fears Rattle Markets
Qualcomm shares tumbled 3.4% amid a broad tech rout, marking their seventh consecutive decline as President Trump's revived tariff threats against Europe spooked investors. The semiconductor sector bore the brunt of the selloff, with Nvidia and Broadcom sliding 4.4% and 5.4% respectively, while Intel defied the trend with a 3.4% gain.
Trading volume surged to 11.8 million shares - 33% above Qualcomm's 50-day average - suggesting either forced liquidation or bargain hunting. The stock now trades 25% below its 52-week high, reflecting both sector-wide pressures and company-specific headwinds including Apple's modem transition.
The February 1 implementation deadline for new 10% tariffs on European goods looms as a potential catalyst for further volatility, with the specter of levies escalating to 25% by June absent a Greenland purchase deal. Market participants appear to be pricing in prolonged uncertainty for growth stocks.
