REFILE-LIVE MARKETS-Will chip index end longest streak since 2017?
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WILL CHIP INDEX END LONGEST STREAK SINCE 2017?
The Philadelphia semiconductor index .SOX hit an intraday record on Tuesday, marking its fourth in five sessions, following a breakout above its July 2024 peak on September 10.
"When the semis are rallying with the overall market, it's usually a good sign," strategists at Bespoke Investment Group said.
With several hours left it the session, and the index barely changed, it is unclear if the SOX with register its 9th straight gain in a row or snap an eight-day winning streak, during which it gained nearly 8%. The 8-day run was its longest since October 2017, when the index went more than two weeks without a single down day, strategists noted. The longest streak on record lasted three weeks, ending in early June 2014.
Last week's breakout ended a 291-trading-day drought without a new high - the fifth longest in the index's history since 1994, strategists wrote in a note.
Over the course of the latest rally, the SOX's ~8% gain modestly outpaced the median 6.9% return seen during the first eight days of all 18 historical streaks, making it the sixth-best performance overall, Bespoke noted.
This year's outperformers among SOX constituents include Micron MU.O up ~88%, Lam Research LRCX.O and KLA Corp KLAC.O which are about 65% and 55% higher, respectively.
Year-to-date, SOX is up more than 21% and the Nasdaq 100 .NDX index has gained 15.5%, fueled by surging demand for generative AI, massive data center buildouts, and next-gen chip technologies.
(Medha Singh)
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Philadelphia chip index
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