Wall Street's main semiconductor benchmark tumbled into correction territor...
SAN FRANCISCO - Wall Street’s main semiconductor benchmark tumbled into correction territory on Tuesday in its deepest four-day rout since the financial crisis, as the coronavirus spread further around the world and deepened fears about the global economy.
The Philadelphia Semiconductor Index .SOX dropped 3.2%, bringing the decline from its Feb 19 record high to almost 12%, the worst four-day drop for the index since 2008. Even after its recent slump, the chip index is up 27% over the past 12 months, a rally that was fueled by expectations that the industry would soon recover from a drop in global demand in recent years. That strong performance has left many investors concerned that chip stocks could be vulnerable to unexpected bad news.
“We think there may be risk to demand in most electronic end markets, though we believe the end markets associated with consumer purchases might have the most potential downside,” Nomura Instinet analyst David Wong wrote in a research note.
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