This chart shows how chip stocks are ground zero for the trade war and are feeling the pain

, have taken a massive hit ever since the U.S. threatened to hike tariffs on Chinese goods earlier this month. Since May 3, Qualcomm has lost nearly 13% while Micron is down about 18%. The best-performing stock in the group is Applied Materials, which is only down 6.1% in that time yet it is still lagging the S&P 500.

Chip stocks are also under pressure after the U.S. blacklisted Huawei, a Chinese telecom giant that does business with several U.S. tech companies. On May 15, Trump signed an executive order requiring U.S. companies to obtain a license if they wanted to do business with Huawei. The U.S. then issued a 90-day reprieve for Huawei, however.

"A risk for technology companies is that the trend continues, and China retaliates with moves that make it more difficult for U.S. companies to operate in China," Rob Anderson, investment research analyst at Ned Davis Research, wrote in a note Thursday. "For now, we maintain our market weight recommendation on the sector … We will take our cue from our sector model and monitor the trade situation.

Is this News from HUNTING HOUSE. Scared a little boy

Funny how Muh capitalists depend so much on what’s going on in a state owned by a communist party and its SOEs, and which is designated by America’s own Dept of Commerce as a non-market economy. And boomers wonder why Muh socialism isn’t so scary anymore. Hmm.

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