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.
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.
Although Samsung's results looked impressive on paper, investors sent chips down on worries the momentum can't last. Still, nontech stocks held their own in early trading.
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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