The benchmark US equity indices logged their worst single session declines of 2019 as China let its yuan weaken below the seven-per-US dollar level, an 11-year low,- Dow tumbled -767-points or -2.90%, falling as much as 962-points at its worst levels of the session. Apple Inc fell -5.2%. The broader S&P500 -2.98%, with Information Technology (down -4.07%) and Financials (-3.25%) leading all eleven primary sectors lower. 494 of the S&P500's 505 constituents closed lower. The S&P500 has given up ~40% of its year-to-date gains in the past six trading session (albeit still sits +13.48% higher for calendar 2019). The NASDAQ dropped -3.47%, logging its sixth straight session decline - the technology-centric index's longest such losing streak since late 2016. Amazon.com Inc (down -3.19%) logged its eighth straight session decline and longest losing streak since a stretch that ended on 14 July, 2006. Global chip sales dropped for a third straight quarter (down 16.8% to US$98.2B in the second quarter) and for a sixth straight month (16.8% to US$32.7B for the month of June) year-over-year, according the latest figures from the Semiconductor Industry Association. Micron Technology Inc and Advanced Micro Devices Inc fell -4.9%. Yum! Brands Inc (down -1.94%) announced that it will shutter hundreds of Pizza Hut locations, bringing the total US store count to ~7K, as it makes the transition to a fast-casual delivery format from a dine-in setup.
