The iShares Semiconductor ETF SOXX suffered its worst month since 2002. Ed Yardeni says chip stocks now trade at a discount.
SOXX semiconductor ETF fell 21.2% in July 2024, worst month since 2002, after a $45B leveraged fund faced margin calls on July 30. Fundamentals intact: 131% earnings growth expected YoY, suggesting volatility-driven discount rather than sector weakness.
A monthly loss last recorded during the dot-com unwind has returned to the semiconductor complex, and it arrived while the sector's earnings estimates were still rising.
The iShares Semiconductor ETF (NASDAQ:SOXX) closed July down 21.2%, its worst month since December 2002, according to Koyfin data.
Nearly 24 years separate the two prints.
Every month worse than this one in the fund's history belongs to the 2001–2002 collapse.
The S&P 500 finished the same month flat.
SOXX plunged 22.1% in July, its worst month since 2002, yet investors poured a record $6.9 billion into the semiconductor ETF.
Semiconductors just posted their sharpest two-day slide since March 2025. The overbought signal that defined the rally has reset.
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Despite SOXX falling over 20% this month, chip ETF trading volume has quadrupled to a record $50B daily since Jan 2025. Read the…
