BUZZ-Chips go for the dip with Nvidia turning red

The Philadelphia Semiconductor index .SOX was down 0.4% on Tuesday with its star year-to-date performer Nvidia NVDA.O taking a break from advancing on the last day of the year with a decline of 1.3%

Conversely, Intel INTC.O the index's biggest decliner for the year-to-date, was its biggest gainer on the day, up 0.9%

Bespoke Investment Group pointed out that the SOX 50-day moving average (DMA) had crossed below the 200-DMA and that "following prior downside crosses after more than a year when the 50-DMA was above the 200-DMA, performance for the SOX and the broader market was weak over the next month."

LSEG data shows the SOX 50-DMA last below the 200-DMA in late January 2023

YTD the SOX was last up close to 20% while NVDA was up 174% YTD and INTC was down ~60%. These compare with the Nasdaq composite's .IXIC >29% YTD gain and the S&P 500's .SPX >23% advance so far in 2024

As for its ranking in the S&P 500, Nvidia is the third biggest percentage gainer for the year with software company Palantir PLTR.O adding almost 349% and electrical utility Vistra Corp VST.N rising 260%

(Reporting By Sinéad Carew)

((sinead.carew@thomsonreuters.com; +13322191897;))