Wall Street takes a hit from chip, internet stocks

The Dow Jones Industrial Average was down 50.75 points, or 0.20 percent, at 25,924.24, the S&P 500 was down 15.74 points, or 0.54 percent, at 2,872.86 and the Nasdaq Composite was down 83.19 points, or 1.04 percent, at 7,911.98.

The tech-heavy Nasdaq saw sharp declines on Thursday as internet stocks faltered for a second day on concerns about increased regulation, while a warning from KLA Tencor led a slide in chip stocks.

Facebook fell 2.7 percent, Twitter dropped 2.1 percent, Alphabet slipped 1.8 percent and Snap was down 2.3 percent, hitting a fresh record low.

The losses, along with those in chip companies sent the S&P 500 technology index down 1.32 percent, the most among the major 11 S&P sectors.

Four of the 11 major S&P sectors were higher, led by a 0.23 percent rise in the real estate index and a 0.20 percent gain in the industrial sector .

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