Semiconductor stocks are falling out of bed and flashing red.
Under the market’s hood, the rally is still running green
The PHLX Semiconductor Index (^SOX) briefly broke below 11,000 Tuesday, now down over 25% from its June peak, as another wave of selling swept from South Korea through US chip stocks. The test marks the latest failure for a group that was already testing a make-or-break level earlier this month. The Roundhill Memory ETF (DRAM) fell roughly 11% Tuesday and is down over 40% from its June high.
The damage runs through some of the biggest memory names. SK Hynix (SKHY) fell to an all-time low in US trading after dropping below the $149 offering price from its blockbuster US debut earlier this month. Micron Technology (MU) has shed over $450 billion in market value in July, while Sandisk (SNDK) has been more than cut in half since its late-June high.