Chips, software stocks drag on tech sector following Fitch downgrade

The rally in technology stocks all year has slammed on the breaks following a downgrade of the U.S. credit rating from Fitch late Tuesday, and by Thursday, semiconductor and software stocks were still selling off, setting up the prospect of a correction.

The last time the U.S. credit rating got downgraded, Apple Inc.’s AAPL Steve Jobs was busy pitching the new iCloud service while preparing to leave the company he founded for a second time. This time around, Fitch Ratings lowered its rating of U.S. government debt to AA+ from AAA, and Apple, which reports earnings after the bell Thursday, has seen shares decline nearly 2% since the downgrade.On Aug. 5, 2011, Standard & Poor’s downgraded the U.S.

A tech stock decline this August would bring to a halt a seven-month streak of gains that hasn’t been seen in almost a decade, as the prospect of gains from artificial intelligence software has been a driver all year even with the specter of a potential recession.

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