The Ratings Game: Nvidia, AMD pave the way for chip sector’s bear market

A noted short seller may have helped a bit Tuesday, but the near-term outlook for the chip sector looks decidedly bearish.

The PHLX Semiconductor Index SOX, -0.04% closed up 0.2% at 1,174.82, just shy of finishing in bear-market territory Tuesday after spending the session drifting in and out. For the SOX index, a bear market is defined as 20% or more off the index’s peak of 1,464.62 set on March 13, or below 1,171.70. On Tuesday, the SOX hit an intraday low of 1,143.94 and an intraday high of 1,190.39.

Most recently, the SOX fell into bear territory on Nov.

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