(Reuters) - Wall Street slid on Thursday morning, weighed down by a broad-based slump in technology stocks from Apple to chipmakers as well as a tumble in consumer staples such as Procter & Gamble.
A warning from Taiwan Semiconductor (TSMC) (2330.TW), the world’s largest contract chipmaker and an Apple supplier, on soft demand for smartphones and on the semiconductor industry’s growth this year sparked a tumble in chip stocks.
TSMC’s (TSM.N) U.S.-listed shares fell 5.2 percent. Intel (INTC.O) declined 2.2 percent and Nvidia (NVDA.O) sank 1.7 percent.
Each of the stocks on the Philadelphia SE Semiconductor index .SOX was in the red, with the index down 2.7 percent.
Apple (AAPL.O) shares also fell 1.8 percent, with at least two analysts blaming the decline on TSMC’s warning. The stock was the biggest drag on the S&P 500 and the Nasdaq.
At 9:54 a.m. EDT the Dow Jones Industrial Average .DJI was down 92.72 points, or 0.37 percent, at 24,655.35, the S&P 500 .SPX was down 13.44 points, or 0.50 percent, at 2,695.20 and the Nasdaq Composite .IXIC was down 38.37 points, or 0.53 percent, at 7,256.87.
The consumer staples sector .SPLRCS declined 2.5 percent. The biggest drag was a 12.5 percent drop in Philip Morris (PM.N) after its revenue missed estimates.
Also weighing was Procter & Gamble (PG.N), which dropped