Chip stocks show a clear decline, feared to have hit the largest single-day drop since October last year.

The stock prices of chip companies fell significantly on Friday. The Philadelphia Semiconductor Index fell by as much as 6%, marking the largest single-day percentage drop since October last year. Some of the stocks that saw significant declines include: NVIDIA down 2.3%, Intel down 5.6%, Broadcom down 4.1%, AMD down 5.4%, Arm Holdings down 8.7%, Micron down 6%, Applied Materials down 5.4%, Marvell down 7.5%, Qualcomm down 5.1%, and TSMC's US-listed shares down 3.8%. Following the release of the latest jobs report, technology stocks as a whole trended lower. The report further fueled speculation in the market that the next move by the Federal Reserve will be a rate hike.