Intel Plunges 28.58% as U.S. Stocks Close Lower on Friday

U.S. stocks closed lower Friday as a sharp slide in semiconductor shares pressured major indexes. Intel plunged 28.58%, marking its worst one-day performance in at least 40 years.

The Dow Jones Industrial Average fell 1.09%, the S&P 500 declined 1.82% and the Nasdaq Composite lost 2.86%. The Philadelphia Semiconductor Index dropped 7.2%, a decline 4.34 percentage points larger than the Nasdaq’s.

Chipmakers had the steepest losses among the stocks listed. SanDisk fell 14.1%, Qualcomm slid 11.12% and Advanced Micro Devices declined 10.88%. Micron Technology lost 5.3%, while Nvidia dropped 4.22%.

Intel’s decline was just over twice SanDisk’s 14.1% drop, the next-largest among the chip stocks listed. Amazon fell 1.41% and Google declined 1.4%, smaller losses than those posted by the chipmakers.

Friday’s weakness was concentrated in semiconductor shares: the sector index fell more than twice as much as the Nasdaq, while Amazon and Google each declined by about 1.4%.