Major Averages Snap 3-Day Slide as VanEck Semiconductor ETF Jumps 4.5%
Updated
Updated · CNBC · Jul 20
Major Averages Snap 3-Day Slide as VanEck Semiconductor ETF Jumps 4.5%
3 articles · Updated · CNBC · Jul 20
Summary
The major U.S. indexes ended a three-session losing streak Tuesday, with chip stocks leading the rebound as the VanEck Semiconductor ETF climbed 4.5%.
SMH is now up about 5% in two days, driven by sharp gains in Teradyne and Micron, both up 12%, while Intel and AMD each rose 8%.
The bounce came even after steep recent pullbacks: SMH remains 13% below its June 22 high, and several chip names are still down 22% to 36% from recent peaks.
Alphabet and Tesla report after the bell next session, while AT&T and PulteGroup are due in the morning, keeping earnings in focus after the market's tech-led recovery.
The move extends a broader chip rebound seen in recent sessions, though commentary in the report warned the sector's more than 100% one-year surge still leaves positioning risks.