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The downgradings of chip makers came after a wave of profit warnings from software companies, leading to concern among investors that technology demand may not be recovering as much as expected.
In addition, a renewed wave of profit warnings reminded investors that a revival of corporate profits remained distant, and a bankruptcy filing by Pacific Gas and Electric, California's biggest utility, raised new concerns about the economy of the nation's biggest state.
The UK and German stock markets were hit by a wave of profit taking.
Chip and Internet stocks are down after being hit by a wave of profit taking.
Meanwhile, technology stocks finally retreated from their rally amid a wave of profit taking.
The market was down in morning trading as another wave of profit taking continued to depress stock prices.
Similar(44)
Banks are enjoying a fresh wave of profits from the government's efforts to nurse the industry back to life.
As Cisco has struggled, it has dragged down the consulting firms, systems integration companies and corporate resellers -- together known as the channel -- that rode the wave of profits created by the technology giant.
Looking back at the stocks mentioned in Tuesday's 5 PowerRatings Stocks for the Next 5 Days, we can see that not only did four out of the five close higher on the day, but also four out of the five stocks were above their five-day moving averages before the wave of profit-taking late in the day caused them to close up, but lower.
A surge in consumer confidence fed the buying momentum, and allowed the market to overcome several waves of profit taking.
Prices plunged the first two days on a relentless wave of corporate profit warnings.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com