Technology stocks, semiconductors in particular, were under pressure in recent weeks as chances of an economic recession increased. Shares of chip fab equipment company ASML Holding (NASDAQ: ASML) fell 15% in June, according to data from S&P Global Market Intelligence. Skyrocketing inflation isn't helping, and the U.S. Federal Reserve's aggressive interest rate hikes aimed at taming out-of-control commodity prices is casting shade on growth prospects for many businesses too.
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