Chip stocks faced even more pressure Monday following a report President Joe Biden will ban U.S. chip makers from doing business with China’s Huawei Technologies Co. The PHLX Semiconductor Index SOX, -2.67% fell to around 2,865 from 2,885 following a report from Bloomberg News that the Biden Administration was contemplating cutting off handset and mobile device maker Huawei off from U.S. suppliers like Intel Corp. INTC, -0.75% and Qualcomm Inc. QCOM, -1.33%, which had just settled a longstanding patent-license dispute with Huawei in late 2020.
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