Semi recovery pushed to 2020 – Cowen – Technology Select Sector SPDR ETF (NYSEARCA:XLK)

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Cowen analyst Matthew Ramsay says monthly sales data from the Semiconductor Industry Association shows the semi recovery is pushed back until next year.

In June, semi revenue fell 18% Y/Y, “leaving the slope/pace of any 2H recovery now in doubt.”

Ramsay doesn’t expect a broader recovery is “likely capped” until a US-China trade resolution is reached.

The Philadelphia Semiconductor Index and tech sector (NYSEARCA:XLK) are down 1.5% compared to the -1.4% for the S&P 500 and the Nasdaq.

Related semi ETFs: SOXL, SOXX, SMH, USD, PSI, XSD, SOXS, SSG, FTXL, XTH





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