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Chip stocks such as Applied Materials and Nvidia are falling hard as rising Treasury yields pressure the stocks of fast-growing tech companies.
Amid the red ink, New Street Research downgraded Applied Materials (ticker: AMAT) to Neutral from Buy with a $140 price target. The stock was down 6.7% in Tuesday afternoon trading to $133.13. The average target price among analysts surveyed by FactSet is $164.15.