Chip Index Slips as Nasdaq Rises Ahead of Wednesday Earnings

A Tuesday morning market snapshot showed the PHLX Semiconductor Index lower while the Nasdaq Composite rose, following Monday’s chip rebound and ahead of Wednesday’s earnings from major technology companies.

A market display retrieved at about 10:36 a.m. ET (14:36 UTC) listed the chip index at 11,244.78, down 0.63%. The Nasdaq Composite was listed at 26,499.42, up 0.26%. The display did not specify when its quotes were recorded.

The Monday chip-index rebound ended eight consecutive declining sessions. The index closed Oct. 19 at 11,316.34, up 179.05 points, or 1.61%. The broader market also gained that day: the S&P 500 rose 0.4% and the Nasdaq Composite added 1.1%, while the Dow Jones Industrial Average fell 0.1%.

The shift in chip shares comes amid concerns about borrowing costs and the funding needed for artificial intelligence chips and data centers. Results due Wednesday will add company figures to a week that has already brought earnings from outside the technology sector.

General Motors posted third-quarter revenue of $50.0 billion and net income attributable to stockholders of $3.3 billion Tuesday. Its board also approved a multiyear $20 billion share repurchase authorization.

Meta Platforms and Tesla plan to release results after the market closes Wednesday, Oct. 21. Meta and Texas Instruments have calls scheduled for 4:30 p.m. ET (20:30 UTC), followed by Lam Research at 5 p.m. ET (21:00 UTC) and Tesla at 5:30 p.m. ET (21:30 UTC).