From Yahoo Finance, June 9:
Semiconductor stocks cracked again on Tuesday, extending Friday's rout as sellers went back to dumping the market's biggest winners from the spring rally.
Then came a blistering late-day rally. The Philadelphia Semiconductor Index (^SOX) had been down nearly 9% at the lows before roaring back to finish down just 1.9%.
That rebound softened the close, but it did not erase the damage underneath the surface. By 1:00 p.m. ET, the chip index had suffered its steepest drop from the open since July 2002.
That made Tuesday less of a broad-market washout than another hit to the AI trade's leadership. In fact, the S&P 500 (^GSPC) had more advancers than decliners by early afternoon, with 356 stocks higher and 146 lower.
The pain was concentrated in the area where the rally had been strongest.
The 50 worst S&P 500 stocks since June 2 had posted a median gain of 36% from March 30 to June 2, according to Yahoo Finance analysis. The rest of the index had gained just 3% over the same two-month stretch.
The 50 worst S&P 500 names had a median gain of 44% from March 30 to June 2 versus 3% for the rest.
Since June 2, that former leadership bucket has been down a median 9.3%, while the rest of the S&P 500 is still up 2.0%....
....MUCH MORE
