US Tech Stocks Fall on Trade Tensions

US tech stocks, particularly semiconductor manufacturers, faced significant declines due to escalating trade tensions with China and geopolitical uncertainties concerning Taiwan. President Biden's potential implementation of severe trade restrictions and former President Trump's comments questioning US military support for Taiwan have added to market anxieties. The Nasdaq Composite fell by approximately 2.7%, with notable drops in Nvidia, TSMC, and ASML shares. Despite these declines, the Dow Jones Industrial Average managed a modest gain, buoyed by strong performances from companies like Johnson & Johnson and UnitedHealth. Investors are also reacting to mixed corporate earnings and economic data that hint at a cooling labor market and potential interest rate cuts.