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S&P 500 holds near record highs as semiconductors sell off
About 72% of S&P 500 stocks are above their 200-day moving average, the strongest breadth since December 2024, helping offset chip declines.
Yahoo Finance says semiconductor shares have been hit during the latest downturn, citing weakness in companies such as SanDisk and Micron, while the broader S&P 500 remains resilient near record levels.
The outlet attributes the market support to breadth and rotation, noting that roughly 72% of S&P 500 constituents are trading above their 200-day moving average, the strongest reading since December 2024.
Charles Schwab strategist Kevin Gordon said the level suggests a healthier, rotational market rather than one pointing to a near-term correction.
Yahoo Finance also points to investors rotating out of AI-linked exposure into areas they consider better valued, including software, financials, industrials, healthcare, and consumer discretionary, with a solid earnings season and resilient economic data helping balance negative headlines from Alphabet and Tesla.
Latest closeS&P 500 7,437.63 ▲1.7%