US STOCKS-Wall Street drops as Broadcom warning hits chip sector

Wall Street’s main indexes dropped on Friday, as shares of chipmakers sank on a warning from sector major Broadcom of a broad weakening in global demand and Chinese data pointed to the worst slowdown in industrial growth in 17 years. Shares of Broadcom Inc plunged 6.83% after it cut its full-year revenue forecast by $2 billion, blaming the U.S.-China trade conflict and export curbs on Huawei Technologies Co Ltd. Broadcom is a major supplier to the iPhone maker.

Source: Yahoo.com