Nasdaq falls over 1.5% as semiconductor stocks plunge

The Nasdaq Composite has extended its intraday losses to over 1.5%, while the S&P 500 is down 1%. The Philadelphia Semiconductor Index has plunged 3.7%. Among individual stocks, Qualcomm (QCOM) has fallen 7.5%, Micron Technology (MU) is down 4%, and Intel (INTC) has dropped 3.6%.