U.S. Semiconductor Rally Fizzles as Philadelphia Chip Index Falls 1.93% on June 9; Dow Rises 85 Points Amid Market Turmoil

SOXX-1.98%
U.S. stock markets faced renewed selling pressure on June 9, with an AI-driven semiconductor rally quickly losing steam. The Philadelphia Semiconductor Index fell 1.93% while the iShares Semiconductor ETF (SOXX) dropped over 1.6%, paring the previous day's 6% gain. The S&P 500 declined 0.26% and the Nasdaq fell 0.97%, while the Dow edged up 85 points amid intraday swings exceeding 1,000 points. Oil price declines, triggered by de-escalating Middle East tensions and U.S. Energy Secretary Chris Wright's confirmation of increased flow through the Strait of Hormuz, weighed on market sentiment.
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