div > div.group > p:first-child"> And there's one group of stocks to look at if you want to know what's next for this market, according to Paul Hickey, co-founder of Bespoke Investment Group.
Semiconductors, often the first step in the supply chain for the tech world, now act as a similar leading indicator to the Dow Transports, says Hickey. A swing lower in the Dow Transportation index typically reflects slowing demand for freight and logistics services and signals an economic slowdown, so goes the 19th century Dow Theory. In Hickey's argument, a slowdown in chipmaker demand has implications for the modern-day economy.
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