FTXL - Semis Hold Support
Monday’s earnings warning from Nvidia (NVDA) caught the overall semiconductor group by surprise. After a nice rally off the lows in late December, the group had really stabilized in recent weeks, but the warning and NVDA’s subsequent 15%+ decline at the open threatened the fragile recovery. While the group finished down on the day, things didn’t get much worse after the opening bell. As shown in the chart below, while the group opened weaker, it held support at the short-term uptrend off the December lows and finished the day up nearly 2% from its early