SOX-to-S&P 500 Ratio Falls to Lowest Level Since Late April

U.S. chip stocks trailed the S&P 500 through Oct. 16, sending their index ratio to its lowest since late April while investors scrutinized financing for artificial-intelligence infrastructure. The PHLX Semiconductor Sector Index (SOX) closed at 11,137.29 on Oct. 16, its eighth straight declining session. The S&P 500 ended the day at 7,659.44. Dividing the SOX close by the S&P 500 close gives a ratio of about 1.45. The ratio compares the closing levels of two price indexes. Its decline shows that semiconductor shares lost ground relative to the broader market; it does not represent a dollar loss. SOX tracks 30 large U.S.-listed semiconductor companies. Across the period from the June 22 close to Oct. 16, it fell about 23.9%, while the S&P 500 rose about 2.5%.

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