Semiconductor Index Slides 12% in 2 Days as 6% Thursday Drop Hits Q3 Start
Updated
Updated · Bloomberg · Jul 2
Semiconductor Index Slides 12% in 2 Days as 6% Thursday Drop Hits Q3 Start
3 articles · Updated · Bloomberg · Jul 2
Summary
The Philadelphia Stock Exchange Semiconductor Index fell as much as 6% on Thursday, putting chip stocks on track for their worst two-day selloff in nearly a month.
That slide leaves the index down 12% over two sessions, the steepest decline since June 5 and a sharp reversal at the start of the third quarter.
The pullback follows an exceptionally strong backdrop: the semiconductor index had just finished its best quarter ever, surging 88% in the second quarter.