USD is trading down 3.5% today, extending a sharp multi-day drawdown in semiconductor and high-growth technology stocks.

  • Global chip stocks are under pressure following reports of new Chinese chipmaking competition.
  • Investors are rotating out of high-growth sectors as they await the Federal Reserve's FOMC statement.
  • Geopolitical tensions in the Middle East are driving oil prices higher, exacerbating concerns over inflation and interest rates.