Nonetheless, Caso cites the market fundamentals of the semiconductor industry as strong despite the trade tension news.

“From what I hear from my (semiconductor) companies, they sound very good right now,” said Caso. “Usually from a fundamental standpoint, the semis are usually a leader with regard to the business cycle.”

Related: Technology ETFs Lead The Charge in 2018

Treasury Secretary Cites Fake News

With much of the blame resting squarely on U.S. President Donald Trump’s shoulders for precipitating the fall in the technology sector today, Treasury Secretary Steven Mnuchin was quick to parry the blame. On Sunday, the Wall Street Journal reported that the Treasury Department is in the process of creating rules that will block companies with at least a 25 percent Chinese ownership stake from buying companies that participate in creating “industrially significant technology.”

Mnuchin dismissed the report as fake news.

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