Tech stocks fall after report that Biden administration plans to crack down on China chipmakers

Tech shares fell Wednesday as investors shed the behemoths that fueled Wall Street’s monster stock rally this year. The Nasdaq Composite index tumbled 2.7% and the S&P 500 lost 1.3%. The Dow rose 0.5%. Shares of tech heavyweight Nvidia (NVDA) slumped 6.2% and rival chipmaker Advanced Micro Devices (AMD) dropped by 7.8%.The selloff comes after a Tuesday report from Bloomberg&