Chip stocks break a bear trap after a $2.6 trillion rout, bulls must hold key levels
FROM THE WIRE · FINANCE.YAHOO.COM
Chip bulls sprang a bear trap on Tuesday. Two sessions later, the floor under it is cracking. The PHLX Semiconductor Index (^SOX) is down about 3% after dipping to 11,000 — the support that rescued the group twice since September. A bear trap is a breakdown that quickly…
Read at the source ↗MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishThe semiconductor sector is under pressure and the SOX support level is critical for the whole group.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01The PHLX Semiconductor Index (SOX) is down about 3% after dipping to 11,000, a support level.
- 02All 60 stocks in a Yahoo Finance chip basket are down since October 6.
- 03Lam Research and Applied Materials have each lost nearly 30%, while AMD lost nearly 20%.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
NVIDIA Corporation213.78 USD-1.03%today -3.69%Negative Advanced Micro Devices, Inc.511.45 USD-1.99%today -7.47%Negative Lam Research Corporation234.76 USD-1.44%today -9.99%Negative Applied Materials, Inc.380.66 USD-1.14%today -6.92%Negative PHLX Semiconductor Index10,813.48-1.27%today -6.02%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets