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The bullish action of the last few sessions came to a screeching halt today as stocks sold off.
Tech was led lower by the semiconductor sector, which has otherwise enjoyed a nice run higher this year, with high-volume, bellwether chip ETFs like SMH and SOXX tacking on gains of around 25% in 2024.
Now both of these are down more than 5% for the day. In a day, the sector has given back around 20% of its yearly gains on news the U.S. government is “considering” limiting sales of chips to other countries.
The thing is, the market’s internals remain strong, and most of the ingredients are there for a potentially historic bullish run… but we need the NASDAQ to make a new all-time high to bring it all together.
Now, bonds are coming up off of lows and credit spreads are narrowing, which could help tech find a floor. This is what you need to know…
