🔴 Semiconductor ETF (SOXX) is trading 1.72% down in pre-market as Treasury yields hit a 19-year high

SOXX is trading at $556.00, down 1.72% in pre-market as rising Treasury yields pressure high-growth semiconductor valuations following strong September PMI data.

• The 10-year yield reached approximately 5.12%, its highest level since 2007, lifting rate-hike expectations.
• Semiconductor shares are also retreating after the PHLX Semiconductor Index fell 1% on September 23 following a sharp multi-session rally.
• Broader weakness in Nasdaq futures reinforces the sector’s pre-market decline.