SOX up nearly 59% year to date

Charles Schwab said on May 20 that the Philadelphia Semiconductor Index, or SOX, was still up nearly 59% year to date even after recent weakness in technology shares. The comment came after a three-session pullback in major U.S. indexes as Treasury yields climbed and investors cut exposure to rate-sensitive growth stocks. Benzinga reported that the Nasdaq 100 fell about 1% by midday on Tuesday, May 19, as the 30-year Treasury yield pushed toward its highest level since 2007. CNBC said the broader Nasdaq Composite closed down 0.84% on Tuesday and the S&P 500 fell 0.67%. ### Why were chip stocks falling if the SOX was still up so much in 2026? Schwab said the SOX had kept a roughly 59% gain for the year even as momentum cooled this week. Its market commentary said the S&P 500’s relative strength index had backed off from peaks near 77 to around 66 by late Monday, which Schwab described as a sign of possible reluctance to push stocks higher. (international.schwab.com) Tuesday’s pressure came as bond yields rose again. Benzinga reported that the 30-year Treasury yield climbed 6 basis points to 5.18%, while the 10-year rose 8 basis points to 4.67%, as traders weighed the possibility that the Federal Reserve could still have room to raise rates this year. Higher long-dated yields tend to weigh on richly valued technology shares because they reduce the present value investors assign to future earnings. (international.schwab.com) That link is a market inference based on the yield move and the sector selloff. ### What happened in the Nasdaq selloff on Tuesday, May 19? Benzinga said the Nasdaq 100 was down 1% by midday on Tuesday as losses spread across mega-cap technology and small-cap stocks. Its report said chipmakers were part of the retreat as investors reacted to the jump in long-term yields and monitored oil prices above $103 amid the Iran standoff. (benzinga.com) CNBC said the S&P 500 and Nasdaq Composite both posted their third straight losing sessions on Tuesday. The network reported that the 30-year U.S. Treasury yield briefly topped 5.19%, its highest level in nearly 19 years, while the 10-year yield reached 4.687% at one point, the highest since January 2025. ### Which chip names stood out during the move? (benzinga.com) Advanced Micro Devices was one of the semiconductor names under pressure. Benzinga said AMD fell roughly 1% in Tuesday trading as the chip trade unwound alongside the broader Nasdaq 100 decline. Marvell Technology moved the other way. (cnbc.com) Benzinga reported that Marvell rallied 6.6% after an analyst price-target increase, making it an outlier in a weaker semiconductor tape. Benzinga’s Marvell quote page showed the stock closed May 19 at $176.27, up $7.34, or 4.34%, with gains extending in after-hours trading. The difference between the intraday gain cited in Benzinga’s market report and the closing move reflects trading at different points in the session. (benzinga.com) ### How high did Treasury yields get, and why were traders watching them? CNBC said the 30-year Treasury yield briefly topped 5.19% on Tuesday, a level not seen since before the financial crisis. FRED data showed the 30-year constant-maturity Treasury yield was 5.14% on May 18, with the next official release due May 20, underscoring how quickly long-end yields had risen this week. (benzinga.com) Schwab said yields were one of the main features driving markets into May 20, alongside oil and the coming Nvidia earnings report. Its May 20 market update said “high yields have stocks down three straight sessions” and pointed investors to Federal Reserve minutes and Nvidia’s results later in the day. ### What is the next marker investors were waiting for? (cnbc.com) Nvidia was due to report results after the market close on Wednesday, May 20. Schwab’s May 20 commentary said Nvidia earnings and Fed minutes were the day’s marquee events, and Reuters reported separately that options traders were pricing in a potential $355 billion swing in Nvidia’s market value after the release. (schwab.com)