The market rotation out of tech into rate-sensitive stocks accelerated Wednesday after reports were published that U.S. President Biden is considering a sweeping clampdown on U.S. companies exporting their chipmaking equipment to China. <\/p>\n\n\n\n
This triggered a sell-off of semi stocks as the SMH ETF<\/a> sank 7.12% and leader Nvidia<\/a> slid 6.38% in heavy trading. Related areas in tech were also hit as Tesla<\/a> fell 2.87% and Meta<\/a> tumbled 5.68%. In contrast, UNH<\/a> reported a solid beat and rallied 4.45%. In all, the Nasdaq posted its worst day since 2022, sliding 2.68% as the S&P sank 1.36%. However, the Dow rallied 0.53% or about 250 points to mark another record close. The U.S. 10-year yield continued to fade, slipping down to 4.164% though Bitcoin<\/a> retreated only 0.19% to about US$64,600.<\/p>\n\n\n\n Faring relatively better was the TSX, which gave back 0.61% after several record-breaking days. Major movers: Cogeco<\/a> 10.04%, Interfor<\/a> 6.16%, Celestica<\/a> -10.07%, Cameco<\/a> -7.39% and Royal Bank<\/a> which climbed 1.47% to make another record high. Gold surrendered US$11 to US$2,457, and WTI jumped 2.65% to nearly US$83 a barrel.<\/p>\n\n\n\n 💹 VanEck Vectors Semiconductor ETF\u00a0(SMH-Q)<\/a> -7.12%<\/p>\n\n\n\n 💾 NVIDIA Corporation\u00a0(NVDA-Q)<\/a> -6.38%<\/p>\n\n\n\n 🚗 Tesla Inc\u00a0(TSLA-Q)<\/a> -2.87%<\/p>\n\n\n\n 🕵️♂️ Meta Platforms Inc \/ Facebook\u00a0(META-Q)<\/a> -5.68%<\/p>\n\n\n\n 👨⚕️ UnitedHealth Group Inc\u00a0(UNH-N)<\/a> +4.45%<\/p>\n\n\n\n 🅱 Bitcoin (BTCUSD)\u00a0(CRYPTO:BTC)<\/a> -0.19%<\/p>\n\n\n\n 📡 Cogeco Communications\u00a0(CCA-T)<\/a> +10.04%<\/p>\n\n\n\n 🌲 Interfor Corp\u00a0(IFP-T)<\/a> +6.16%<\/p>\n\n\n\n 🧬 Celestica Inc\u00a0(CLS-T)<\/a> -10.07%<\/p>\n\n\n\n