U.S. semiconductor shares rebounded Oct. 19, ending a nine-session losing streak for a major chip fund as the Nasdaq Composite advanced amid gains concentrated in technology and artificial intelligence.
The iShares Semiconductor ETF (SOXX) closed at $501.93, up 1.73%. SOXX had closed lower than the preceding session on each of the nine trading days before Oct. 19. An earlier EconoTimes account of the fund’s slide said it was SOXX’s longest losing run since May 2006.
The PHLX Semiconductor Index gained 1.61% to finish at 11,316.34. Its preceding decline lasted eight sessions and was its longest such run since October 2008, Reuters reported. The fund and the index therefore ended losing streaks of different lengths.
Micron Technology rose 2.97% to $904.90. Intel gained 2.43% to $92.03, and Advanced Micro Devices advanced 1.76% to $538.05.
The Nasdaq added 290.85 points, or 1.1%, to close at 26,430.89. The S&P 500 rose 0.4%, while the Dow Jones Industrial Average slipped 0.1%. The Associated Press reported that most U.S. shares beyond technology and artificial intelligence declined, leaving the market’s advance concentrated in those sectors.
New York Stock Exchange senior market strategist Michael P. Reinking identified financing concerns around AI investment as one factor behind the previous week’s technology selloff.
Meta Platforms plans to release third-quarter results after the Oct. 21 U.S. market close and hold a call at 4:30 p.m. ET. Lam Research, a semiconductor equipment supplier, has scheduled its quarterly call for 5 p.m. ET that day.
