Chipmakers have surged this year, but first-quarter earnings reports might really disappoint

div > div.group > p:first-child"> On Tuesday, chip stocks were being sold in a broader market decline, that saw some other tech names, like Apple and Facebook hold onto gains.

"They certainly have ground to give up, and that's what gets dangerous. When you come into the earnings season with the kind of momentum we've seen in some of these high-flying names...whether it's NVIDIA or Micron...unfortunately you're on a knife's edge and there's a potential for a great deal of volatility," said Art Hogan, chief market strategist at National Securities.

But despite Tuesday's sell-off, the chip stocks have been rising on the view that a turn around could come in the second half of the year. "If companies come out and are cutting their forecast, do the stocks go down? The reaction to earnings will be very telling," said Niles. U.S. and Chinese negotiators continue to work on a deal that markets expect would end many of the punitive tariffs put on goods from both countries and despite the selling, there was still a sense a deal could be announced this quarter.

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