(CNBC) Stocks fell on Friday after a sharp decline in Broadcom shares put other chipmakers and the broader tech sector under pressure.
The Dow Jones Industrial Average slid 17.16 points, or 0.1%, to 26,089.61. The S&P 500 declined by 0.2% to 2,886.98 as the tech sector dropped 0.8%. The Nasdaq Composite lagged, falling 0.5% to 7,796.66.
Broadcom fell more than 5% after the chipmaker posted weaker-than-expected revenue for the previous quarter and cut its guidance for 2019, citing “broad-based ” demand weakness and the U.S. crackdown on Huawei. The VanEck Vectors Semiconductor ETF (SMH) fell 2.7%.
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