Chipmakers underperformed broader markets Monday amid lingering concerns after last week’s sector selloff.
Semiconductor stocks declined Monday despite gains in major indices, led by Micron Technology (MU) and Intel (INTC). The sector’s weakness followed a selloff late last week, contrasting with broader market optimism fueled by easing U.S.-Iran tensions.
The PHLX Semiconductor Index fell 0.8% in early trading, extending a 3.2% drop from the prior week. Analysts cited ongoing supply chain concerns and valuation pressures after a strong 2023 rally.
No immediate market reaction was reported, though futures tied to tech-heavy indices showed muted gains compared to broader benchmarks.