The Globe and Mail reports in its Thursday edition that the S&P 500 and Nasdaq tumbled on Wednesday as plunging microchip shares, in the face of potential escalation of U.S. trade conflicts with China, exacerbated the continuing rotation out of megacap tech-related stocks. A Reuters dispatch to The Globe says the S&P/TSX composite snapped a five-session winning streak, closing at 22,851.17, down 144.22. A report that the Biden administration is considering severe trade restrictions against China sent microchip stocks down 6.8 per cent, marking the Philadelphia SE Semiconductor Index's biggest one-day drop since March, 2020. A pullback in the "Magnificent Seven" group of momentum stocks, led by Nvidia and Apple, dragged the Nasdaq 2.8 per cent lower, while the S&P 500 slid 1.4 per cent. The Dow Jones Industrial Average, which has until recent days underperformed the other two indexes this year, held onto a modest gain and logged its third straight record closing high. The small-cap Russell 2000, which surged 11.5 per cent in the previous five sessions, snapped its longest winning streak in more than four years, driven by renewed interest in more undervalued stocks and sectors within the equities market.