Wall Street drops as Broadcom warning pushes chip stocks lower

- U.S. stocks dropped on Friday, as shares of chipmakers sank on a warning from sector major Broadcom of a broad weakening in global demand and Chinese data pointed to the worst slowdown in industrial growth in 17 years.

Shares of Apple Inc also slipped 1% and weighed the most on the three main indexes. Broadcom is a major supplier to the iPhone maker. “People are backing off of optimism that a trade deal will get done and it’ll probably drag out longer into the year,” Nauman said. At 11:27 a.m. ET the Dow Jones Industrial Average was down 41.61 points, or 0.16%, at 26,065.16, the S&P 500 was down 7.07 points, or 0.24%, at 2,884.57 and the Nasdaq Composite was down 41.69 points, or 0.53%, at 7,795.44.

In a bright spot, data showed U.S. retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.

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