U.S. semiconductor index hits highest in nearly a year on hopes for industry turn

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 92%

Business News News

Business Business Latest News,Business Business Headlines

optimism grows that a sales downturn in the industry has reached its nadir

The index climbed 1.6%, adding to a gain of more than 3% on Wednesday, and it is now on track for its biggest two-day percentage gain in nearly two months, hitting its highest level since April 6 after a flurry of updates from several chipmakers including Intel, Micron Technology and Germany’s Infineon.

“That was probably the best read in terms of what everyone is concerned about, which is, are we going into a significant recession?” said King Lip, chief investment strategist at BakerAvenue Wealth Management in San Francisco. “And from Micron’s read, we’re not. “There’s been a chip glut through the industry so production has been very low, prices have had to come down,” said Jeff Kleintop, chief global investment strategist at Charles Schwab in Celebration, Florida.

The semiconductor index is up nearly 27% this year, putting it on track for its biggest quarterly percentage gain since the second quarter of 2020.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks, U.S. futures rise as China tech buoys mood - BNN BloombergStocks rose with U.S. index futures as a rally in Chinese tech shares boosted sentiment and concern about contagion from banking turmoil continued to wane.
Source: BNNBloomberg - 🏆 83. / 50 Read more »