One of the best performing sectors in the equity market is the Philadelphia Semiconductor Index known as the SOXX. Typically the sector is very prone to boom and bust cycles as the surge in demand leads to overbuilding of foundries and flood of supply
Bitcoin was down more than 8% in overnight trade hitting a low of 38,500 after Chinese regulators directed banks and financial payment firms not to offer clients any services involving cryptocurrency including currency exchanges, registration, trading, clearing and settlement.
Yesterday’s inflation data shocked the market with core CPI readings hitting a 26 year high as base effects, supply shortages and resurgence of demand created this biggest jump in price conditions in decades.
Key FAANG stocks all reported numbers with most blowing out their results well above consensus estimates. Yet the overall market is showing little follow through as the tech heavy Nasdaq trades lower this morning.