Semiconductor stocks may be poised to extend their longest skid in months after disappointing guidance from Nvidia Corp. and Applied Materials Inc. sent shares of both companies sliding in extended trading.
The Philadelphia Semiconductor Index is poised to fall for a fourth day on Friday with Nvidia sinking 3.8 percent in pre-market trading in New York, while Applied Materials fell 5.7 percent on little early volume. Peer Micron Technology Inc. also fell 1.2 percent after it was named in a class-action antitrust case Thursday alongside South Korean peers Samsung Electronics Co. and SK Hynix Inc.
The index has fallen 1.7 percent over the past three days as concerns mount about weakening demand and the effects of a trade war with China, while the broader market rallied. The last time the 30-member benchmark fell longer was an 8.5 percent rout over six days in April.
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