Five-Day Slide in Chipmakers' Shares Pressures S&P 500

Five-Day Slide in Chipmakers' Shares Pressures S&P 500. Continued selling of semiconductor company shares put pressure on the S&P 500 ahead of the earnings season. Investors are also awaiting key inflation data this week to determine the direction of the Federal Reserve's next policy moves. Shares of major chipmaker companies fell for a fifth consecutive session, the longest decline period of…

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The continuation of the selling wave of semiconductor companies put pressure on the S&P 500 index ahead of the financial reporting season. Meanwhile, investors await the release of key inflation data this week to determine the direction of the Fed's next policy.

Shares of major chipmakers fell for a fifth straight session, their longest streak since July. Nevertheless, the total index remained close to the historical ceiling, relying on the favorable profitability forecast of companies and despite the increase in oil prices and bond yields. Most of the other parts of the market also had an upward trend during this period.

U.S. Treasury futures were little changed, and the bond market was closed for the Columbus Day holiday. Meanwhile, Federal Reserve officials said smaller, more frequent adjustments to monetary policy could help stabilize inflation expectations, though he did not explicitly support a rate hike at this month's meeting.