BUZZ-Chips go for the dip with Nvidia turning red

Reuters
01 Jan

** The Philadelphia Semiconductor index was down 0.4% on Tuesday with its star year-to-date performer Nvidia taking a break from advancing on the last day of the year with a decline of 1.3%

** Conversely, Intel the index's biggest decliner for the year-to-date, was its biggest gainer on the day, up 0.9%

** Bespoke Investment Group pointed out that the SOX 50-day moving average $(DMA)$ had crossed below the 200-DMA and that "following prior downside crosses after more than a year when the 50-DMA was above the 200-DMA, performance for the SOX and the broader market was weak over the next month."

** LSEG data shows the SOX 50-DMA last below the 200-DMA in late January 2023

** YTD the SOX was last up close to 20% while NVDA was up 174% YTD and INTC was down ~60%. These compare with the Nasdaq composite's >29% YTD gain and the S&P 500's >23% advance so far in 2024

** As for its ranking in the S&P 500, Nvidia is the third biggest percentage gainer for the year with software company Palantir adding almost 349% and electrical utility Vistra Corp rising 260%

(Reporting By Sinéad Carew)

((sinead.carew@thomsonreuters.com; +13322191897;))

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