Chip Stocks Lead Tech Rally as Fed Hike Fears Fade
SOX sits 94% above its 52-week low of $5,980.237.
Summary
The PHLX Semiconductor Index is up 3% in morning trading, leading a broad tech rally that has the Nasdaq up more than 1.5% and the S&P 500 up over 1%. The bounce follows Wednesday's Fed rate hike, which was widely expected, and Goldman Sachs now sees another hike in October. Oil is down for a second day but still above $100, easing some inflation pressure. This is the first positive session for semis after a volatile stretch that saw the index plunge 8% in late June and 4% in early July. The move suggests traders are rotating back into high-beta tech as rate uncertainty clears.
At the time of this announcement, SOX was trading at $11,588.65 on NASDAQ in the Technology sector. The 52-week trading range was $5,980.24 to $14,655.29. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.