Library Archive
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- US equities were mostly lower on Tuesday (6/23). Technology stocks, specifically semiconductors, were among the largest decliners as the iShares Semiconductor ETF ([SOXX]) was down almost 8%.
- Tuesday’s action dropped SOXX out of heavily extended territory but even with the pullback, the fund still sits more than 10% from its most recent support at $530.
- Micron ([MU]) was largest decliner in the SOXX portfolio was it lost more than 13%. While ON Semiconductor ([ON]), ARM Holdings ([ARM]) and Credo Technology ([CRDO]) were all down more than 10%. MU will report earnings today after the close.
- The Dow ([.DJIA]) was the best performing among the major US indices as it was down only nine bps for the day. Small caps also outperformed large caps as the Russell 2000 ([RUT]) fell 96 bps, outperforming the S&P 500 ([SPX]) by about ½ percent.
- International equities saw significant declines. Developed markets held up better than their emerging counterpart as the iShares MSCI EAFE ETF ([EFA]) lost about 2% while the iShares MSCI Emerging Markets ETF ([EEM]) fell more than 5.5%. South Korea was among the biggest losers internationally as the iShares MSCI South Korea ETF ([EWY]) fell more than 12%.
- Precious metals – which are often viewed as a safe haven – were also down. Gold ([GC/]) was down about 1.25% while silver ([SI/]) fell more than 5%. Silver now sits at $61.50 on its P&F chart, matching its 2026 low.
- Long-term yields were down slightly which lifted US bonds – the iShares US Core Bond ETF ([AGG]) and the iShares Barclays 20+ Year Treasury Bond ETF ([TLT]) both notched small gains.
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