Semiconductor Industry Enters Bear Market, Down 18% from July High, 8% Drop on August 1

The Semiconductor industry, represented by the S&P 500 Semiconductor index and the Semiconductor Index ($SOXX), has entered bear market territory. The sector, which had powered the stock market earlier this year, is now down 18% from its previous high reached in early July. Additionally, the Semiconductor Index experienced a significant drop of 8% during afternoon trading on August 1, 2024. The S&P 500 Semiconductor industry was already in bear market territory as of July 30.