Big Tech stocks dive to halt Wall Street's record-setting rally

Wall Street’s record-breaking rally ran into a wall Wednesday, as worries about potentially worsening trade tensions with China hit stocks of chip companies. That dragged indexes to their worst day in months, but conditions may have been less discouraging underneath the surface. The Standard & Poor's 500 index slumped 1.4% a day after setting an all-time high for the 38th time this year. Losses for Nvidia and other Big Tech heavyweights also dragged the Nasdaq composite to a loss of 2.

and Japan’s Tokyo Electron continue to ship advanced semiconductor technology to China. The U.S. government has blocked Chinese access to advanced chips and the equipment to make them, citing security concerns, and urged its allies to follow suit. saw its U.S-traded shares drop 12.7% even though it reported sales for the spring that came in at the high end of its forecast range. Shares of Tokyo Electron, meanwhile, dropped 7.5% in Tokyo to cull its gain for the year to 32.2%. Another major chip company, Taiwan Semiconductor Manufacturing Co., sank after former President Trump criticized the self-governed island claimed by Beijing, which the U.S. is obligated by treaty to defend if it is attacked.

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