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Global chip sales hampered as coronavirus spread in China

Global chip sales momentum stalled in February due a falloff in demand from China as the COVID-19 pandemic spread, according to the Semiconductor Industry Association late Friday. While worldwide February sales rose 5% to $34.5 billion from a year ago, they declined 2.4% from January’s sales of $35.4 billion, with sales from China falling 7.5% from January. “Global semiconductor sales in February were solid overall, outpacing sales from last February, but month-to-month demand in the China market slipped significantly and the full impact of the COVID-19 pandemic on the global market has yet to be captured in available sales numbers,” said John Neuffer, SIA president and chief executive. The PHLX Semiconductor Index is down 22% for the year, while the S&P 500 index is off 23% and the tech-heavy Nasdaq Composite Index is down 18%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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