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Tech Down as Virus Fears Weigh on Chip, Momentum Cos -- Tech Roundup

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02/20/2020 | 05:24pm EDT

The technology sector fell as renewed coronavirus fears broke the upward momentum in the sector.

Shares of graphics chip maker Nvidia, electric-car maker Tesla and commercial space-travel concern Virgin Galactic Holdings gave back some of their recent gains.

The PHLX Semiconductor Index, which is comprised of some of the largest chip makers and has been used as a proxy for concerns about China, fell by more than 1.5% after closing at a record high earlier this week.

"News of deaths in Japan and South Korea due to the virus are leading to concerns that the global supply chain will be impacted in a material way -- this can be seen in the price action of the semiconductors companies," said Chris Zaccarelli, chief investment officer for adviser network the Independent Advisor Alliance, in e-mailed commentary.

Workplace software makers Ultimate Software and Kronos agreed to an all-stock merger that would create a company worth $22 billion including debt, and unite two holdings of private-equity firm Hellman & Friedman.

Write to Rob Curran at rob.curran@dowjones.com

 

Stocks mentioned in the article
ChangeLast1st jan.
NVIDIA CORPORATION 1.34% 256.69 Delayed Quote.7.41%
TESLA, INC. -2.53% 501.82 Delayed Quote.22.96%
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