SMH is trading 1.8% up today as Microchip Technology’s quarterly revenue forecast of $1.59-$1.62 billion exceeded expectations of $1.55 billion, lifting sentiment across semiconductor stocks.
- The July employment report unexpectedly showed a 23,000-job decline, while prior-month payrolls were revised lower.
- The report reduced immediate expectations for Federal Reserve tightening and pushed Treasury yields down.
- That rate-sensitive backdrop is supporting growth and technology shares, alongside broader strength in chips.