The SOX semiconductor Index is now down more than 21%...but the S&P 500 has only declined by 2.5%. Over the past 30 years, deep declines in the chip stocks have always involved a significant drop in the SPX as well. Sometime (usually) the declines (for both) took place in tandem…but sometimes the drop in the SPX came with a lag (like it did in 2018)……..Can this divergence be resolved with a strong rally in the chip stocks going forward? In other words, will it be different this time?
