US Stock Market Move | Fed Officials Turn Hawkish Again; Philadelphia Semiconductor Index Falls Over 5%, Semiconductor Sector Declines Broadly

On Friday, the Philadelphia Semiconductor Index fell over 5%, with the semiconductor sector declining broadly. Advanced Micro Devices (AMD.US) and Marvell Technology, Inc. (MRVL.US) dropped more than 8%, Broadcom Inc. (AVGO.US) fell over 6%, Intel Corporation (INTC.US) and SK Hynix (SKHY.US) declined more than 5%, and NVIDIA Corporation (NVDA.US) dropped over 3%. On the news front, Boston Fed President Collins suggested on Friday that tighter monetary policy may be needed to cool prices. In a speech focused on the housing market, Collins said higher interest rates could constrain housing affordability. But she added that, in the long run, ensuring price stability would benefit both the housing market and the broader economy. "In the near term, the higher rates that are sometimes needed to cool the economy and bring inflation under control can make buying and building a home more expensive," Collins said in her prepared remarks. "But over the longer run, stable prices create a predictable economic environment, and that is good for the housing market."