Nasdaq falls as US export controls on China weigh on chip stocks

US bond market shut for Columbus Day holiday; S&P 500 tech sector leads declines

The Nasdaq hit a two-year low on Monday as chipmakers bore the brunt of U.S. efforts to hobble China's semiconductor industry, while investors treaded carefully ahead of the start of the earnings season.
 

The Philadelphia SE Semiconductor index was down 2.7%, after the Biden administration published a sweeping set of export controls on Friday, including a measure to cut China off from certain semiconductor chips made anywhere in the world with U.S. equipment.
 

Some of the index's biggest components including Nvidia Corp , Qualcomm Inc, Micron Technology Inc and Advanced Micro Devices fell between 1.3% and 3.3% in early trading.