Semiconductor Sector Extends Losing Streak | Closing Bell

Summary

• Major indices are in or near correction territory, with the Nasdaq 100 and S&P 500 down about 9.2% from January highs, failing to stage a bounce after five straight weeks of losses.
• Semiconductors are identified as the hardest-hit space, with the semiconductor index on a three-day losing streak, down more than 10%, dragging on the broader tech sector.
• Despite a significant bond market rally (yields down 5-8 bps), equity markets remained weak, with the Russell 2000 also lower, suggesting a shift in focus from inflation to growth concerns.
• Fannie Mae and Freddie Mac shares surged over 45% after Bill Ackman called them "stupidly cheap" and a potential "ten bagger," reigniting his long-standing thesis on their release from government control.
• U.S.-listed aluminum stocks (Alcoa, Century Aluminum, Rio Tinto) rallied on supply concerns following attacks on Middle Eastern facilities, with a JPMorgan analyst calling the fundamental outlook "notably bullish."
• Micron Technology continues a sharp slide, down another 9.9% and over 30% since March 18, pressured by concerns over Google-related storage demand and higher-than-expected capital expenditure plans.
• Boston Scientific fell more than 9% as results from a key heart implant trial were perceived by investors to have fallen short of expectations, despite meeting safety and efficacy endpoints.
• The food service company Cisco (not the tech firm) fell over 15% on news it will acquire Jetro Restaurant Depot for $29.1 billion, financed largely with debt.
• Market sector rotation showed clear risk-off behavior, with Industrials as the biggest drag (-1.5%) and Financials, Utilities, and Consumer Staples among the few gainers.