NEW YORK, Oct 10 (Reuters) - U.S. stocks fell on Friday, with the tech sector weighing the most after a chip maker warned of a major pullback in the industry.
Major Wall Street indexes were on track for a third straight week of losses, the longest such streak in nine months, with the S&P 500 at an inflection point as it nears key support at the 200-day moving average.
Chipmakers led the decline, with the PHLX semiconductor index down 6.6 percent, the most for any day since mid February 2009, after Microchip Technology warned of a broad-based industry downturn.
Microchip Tech shares tumbled 11.9 percent and the SOX entered correction territory, falling as much as 15.4 percent from a 13-year high hit less than a month ago.
At 3:29 p.m. (1929 GMT) the Dow Jones industrial average fell 59.56 points, or 0.36 percent, to 16,599.69, the S&P 500 lost 14.86 points, or 0.77 percent, to 1,913.35 and the Nasdaq Composite dropped 85.03 points, or 1.94 percent, to 4,293.30.
The largest percentage gainer on the S&P 500 was L-3 Communications Holdings, which rose 9.9 percent, while the largest percentage decliner was Microchip Tech.
The largest percentage gainer on the Nasdaq 100 was Ross Stores, up 2.0 percent, while the largest percentage decliner was NXP Semiconductors, down 12.3 percent.
Declining issues outnumbered advancing ones on the NYSE by 2,231 to 835, for a 2.67-to-1 ratio on the downside; on the Nasdaq, 1,817 issues were falling and 876 advancing for a 2.07-to-1 ratio favoring decliners.
The benchmark S&P 500 index was posting 7 new 52-week highs and 41 new lows; the Nasdaq Composite was recording 16 new highs and 301 new lows.
(Reporting by Rodrigo Campos; Editing by Nick Zieminski)
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