The semiconductor sector experienced a significant downturn, with the SOXX ETF falling over 2.5%, as rising Treasury yields and a surge in oil prices renewed inflation fears. These macroeconomic pressures are disproportionately impacting growth-sensitive technology stocks. The sector's decline was more pronounced than the broader tech market's, indicating specific headwinds for chipmakers. Negative company-specific news, including a notable analyst downgrade for NXP Semiconductors, contributed to the negative sentiment.