Stocks open little changed as investors await March inflation report: Live updates

Chip stocks are 'vulnerable' after rallying 30% to start the year, BTIG's Krinsky says

Semiconductor stocks are "vulnerable" to a downturn after rallying more than 30% in the first quarter, BTIG technical analyst Jonathan Krinsky wrote in a note to clients April 10. Krinsky said that two weeks ago, in late March, he thought that "the clock was ticking for technology broadly, and that tech stocks would ultimately 'catch-down' to many other parts of the market, which would be a negative for the [S&P 500]. We think we are starting to see the negative divergences find their way into tech stocks, including semiconductors," he wrote.

"In both absolute and relative terms, semis look vulnerable after a potential false breakout above resistance, [and] a potential uptrend break," the BTIG report said.All of which bodes poorly for the Nasdaq Composite. In 2022, BTIG said the Nasdaq-100 Index dropped 2.5% or more on 29 occasions — which hasn't happened once in 2023. "[D]ownside volatility for the Nasdaq is likely to reassert itself over the coming weeks," Krinsky wrote.U.S. natural gas futures rose 8.

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