The swift move out of chips Tuesday could reflect market fatigue and precedes key chip company earnings next week. Fed minutes are today's highlight amid inflation concerns.
A possible end to the ceasefire sent oil prices and Treasury yields up early, pushing most of the market lower. Tech took the worst hit. Rising oil could hurt the rotation trade.
Yesterday's chip revival put tech back in the driver's seat, and it's in focus again today as South Korean semiconductor giant Samsung reports. SpaceX joins the Nasdaq 100 today.
All the majors are in the red as selling pressure in chip stocks follows an overnight pullback in Samsung Electronics, even though the memory maker posted strong quarterly results.
The calendar is light this week, with earnings season around the corner. Investors may scrutinize Fed minutes on Wednesday while the Dow strives to continue outperforming.
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