Philadelphia semiconductor index recovers from early losses after strong earnings from Macom and SiTime drive gains.
The Philadelphia semiconductor index, or SOX, erased early losses to rise 1.2% on Thursday, led by gains in Macom Technology Solutions (MTSI) and SiTime (SITM). The index had fallen as much as 2.5% in opening trades before reversing course following positive earnings reports from the two chip firms.
The SOX, which tracks the 30 largest U.S.-listed semiconductor stocks, had faced pressure earlier in the session amid broader market volatility. Prior to the rebound, the index had underperformed relative to major benchmarks like the Dow Jones and Nasdaq, which also saw mixed movements.
No immediate market reaction details were provided beyond the index’s recovery and individual stock performance.