The three key U.S. stock indices ended the session in the red, with the Dow Jones Industrial Average slipping 0.09%, the Nasdaq Composite Index dropping 0.24%, and the S&P 500 Index falling 0.06%. Chip stocks were particularly hard hit, as evidenced by the Philadelphia Semiconductor Index, which plummeted 5.29%. Within this sector, On Semiconductor saw a staggering 24% decline, marking its largest single-day drop since 2020. Western Digital tumbled over 13%, Seagate Technology fell over 12%, SanDisk declined over 10%, NXP and Qualcomm both shed over 7%, Micron Technology and Applied Materials each dropped over 6%, and Nvidia fell 1.6%. Among the renowned "Magnificent Seven" tech stocks, all posted gains except for Nvidia and Google. Specifically, Microsoft surged over 5%, Amazon rose over 2%, Meta gained over 1%, Apple climbed over 3%, Tesla increased by 1.2%, while Google dropped over 2%.