The Philadelphia Semiconductor Index fell for a seventh straight session yesterday, its longest losing streak since May 2025, according to Dow Jones Market Data. The index has shed about 14% from its October 6 close.
Such streaks have occurred roughly 15 times since the SOXX ETF began trading in 2001, according to Benzinga, fewer than once a year.
TSMC reported record third-quarter net profit, up 68.7% from a year earlier, on revenue of $46.72 billion. The company beat estimates and issued fourth-quarter guidance of $52.3 billion to $54.3 billion, per TSMC.
TSM fell 3% on the session, Nvidia lost 1.8%, and Intel dropped 3.8%, as the rate repricing from Wednesday's CPI report continued. September industrial production at 9:15 a.m. ET will test whether factory output held up through the repricing.
September producer prices rose 1.3% from August, more than double the 0.5% consensus per FactSet, according to the Bureau of Labor Statistics. That marked the largest monthly gain since March 2022, with energy goods up 10.8% and gasoline climbing 20.3%.
WTI crude settled at $96.12 yesterday, up 1.08%, extending the energy inflation that drove Wednesday's CPI past consensus. Crude near $96 feeds directly into this morning's import-price report at 8:30 a.m., the third inflation reading of the week.
The 10-year Treasury yield fell more than 10 basis points to 5.09%, on a day wholesale inflation posted its largest gain in over four years. CNBC attributed the drop to investors rotating out of technology and into bonds.
Gold also rose 0.51% to $4,191.55, per Investing.com, as the dollar index slipped to 102.00, and long-dated yields fell. The October 28 FOMC meeting now inherits accelerating wholesale prices and a bond market that rallied through them.
The Dow gained 556 points to close at 52,177.69, a 1.08% advance more than thirteen times the Nasdaq's 0.08% gain. Health care led S&P sectors at 1.85%, with materials up 1.83%, per Yahoo Finance.
The Russell 2000 rose 1.38% to 2,767, per CNN, as lower yields favored small caps over growth names. The VIX closed at 16.46, well below its long-run average near 19, suggesting the selling has stayed contained to one sector.
September import prices land at 8:30 a.m. ET, after August's 0.7% monthly gain. A second straight elevated reading would sharpen the case for October 28, extending the inflation streak that CPI and PPI both confirmed this week.
September industrial production follows at 9:15 a.m. ET, with consensus at 0.4% after August's flat reading. A beat would put factory output back in expansion, the same week chips posted their longest losing streak in 17 months.
