S&P 500 Falls 3% in Biggest Intraday Drop Since April; Philadelphia Semiconductor Index Sinks Over 10%

The scale of the semiconductor selloff dwarfs the broader index move, which points to a sector-specific repricing rather than a uniform risk-off event. The breadth is notable: losses span chip designers, memory, foundries and equipment makers alike, suggesting the market is treating the entire supply chain as exposed to a single common factor rather than punishing individual names. Whether that correlation holds in subsequent sessions — or whether the drawdown narrows to specific segments — is the open question worth watching.