The broader stock market remains seemingly calm, but a brutal 20% semiconductor plunge has veteran strategist Ed Yardeni warning that high-flying tech equities have even further to fall.
While the S&P 500 is hovering securely around the 7,500 level—just 2.0% below its June 2 all-time high—momentum tech stocks are in freefall.
Tech Wreck Beneath the Surface
“The surface stayed calm while the engine broke,” Yardeni noted, highlighting the stark divergence between the broader market and the tech sector.
The ETF tracking the semiconductor index, iShares Semiconductor ETF (NASDAQ:SOXX), has plummeted 20.3% from its June 2 peak, officially entering bear market territory.
