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Semiconductor Stocks Tumble as Bond Yields Weigh on Tech Rally

U.S. equities declined for a third consecutive session Friday, with semiconductor shares leading losses. Rising bond yields dampened investor appetite for high-growth technology bets. Nvidia Corp. shares fell ahead of earnings scheduled for Wednesday, extending a pullback from recent highs as traders reassessed valuations across the chipmaker sector. The selloff erased afternoon gains, with Wall Street concerned that months-long gains in semiconductor equities have stretched too far amid persistent inflation pressures. Software stocks, however, quietly outperformed the broader technology index, suggesting a rotation within the sector. Rising yields have made future earnings less attractive to investors, spurring a broad retreat from richly valued shares. Asian markets showed mixed performance, with South Korean equities rebounding on optimism regarding Samsung Electronics labor negotiations, offsetting some regional sentiment losses from the American selloff.