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Chip Fund 20% Off Its High, Software Sold: Midday 10

Chips — SOXX −3.7%, now 20% below its June high; software −2.4% as hot inflation and BlackRock weigh

Consumer prices rise 3.7% on the year, core 2.6%, both above forecast; the 10-year yield hits 5.24%. Oracle −7.5%, AMD −4.9%, Bank of America −5.7% after a $1.2 billion penalty. Health care +2.0% is the only shelter.

In this edition

SOXX SMH AMD AMAT AVGO TSM NVDA MU

The Midday 10 Wed, Oct 14, 2026 ~60 seconds 12:00 ET

The chip fund SOXX has now fallen 20% from its June high. At about 12:00 in New York it is down 3.7% to $523.67, the seventh losing day in a row, and the selling has spread to software: the software fund IGV −2.4%, the cloud fund CLOU −2.6%, Oracle −7.5%.

Two pieces of news set the tone. September consumer prices rose 3.7% on the year and the core rate 2.6%, both above forecast, and the 10-year yield climbed to 5.24%. And BlackRock's research arm has cut US stocks to neutral, citing the swings in AI spending. The S&P 500 is down 0.9%, the Nasdaq-100 1.6%; health care, +2.0%, is the only clear winner.

Bank of America is −5.7% after a $1.2 billion penalty; Morgan Stanley −2.9% despite a beat. Delta, at $76.61, is on track to be scored as sold tonight.

US intraday quotes at about 12:02 ET (16:02 UTC), measured against Tuesday's closes; intraday prints are not closes. Quotes via Yahoo Finance and the site's live market strip; 52-week highs from the Closelooknet data lake (closing highs). CPI as reported by the Bureau of Labor Statistics and CBS News; bank results by CNBC; the Oracle reasons by Investing.com and Benzinga; Eli Lilly and UnitedHealth moves by Investing.com; the Starlink fire by dpa.

  1. Chip fund SOXX −3.7% to $523.67 — 20.1% below its 22 June high, a bear market by the usual definition
  2. Software joins the selling: IGV −2.4% to $108.29, cloud fund CLOU −2.6%, Palantir −2.1%
  3. Oracle −7.5% to $132.53, giving back Tuesday's +4.2% and more
  4. Inflation: consumer prices 3.7% on the year, core 2.6% — both above forecast; 10-year yield 5.24%
  5. Bank of America −5.7% to $50.91 after a $1.2 billion penalty; Morgan Stanley −2.9% despite a beat
  6. Health care is the shelter: XLV +2.0%; Eli Lilly about +4%, UnitedHealth about +3%
  7. Indices: S&P 500 fund SPY −0.9% to $770.69, Nasdaq-100 −1.6%, Russell 2000 −1.8%, Dow −0.1%
  8. BlackRock's research arm turns neutral on US stocks and buys short-dated Treasuries
  9. SpaceX −2.0% to $153.41 after a second Starlink ground station was set on fire, near Sofia
  10. Print Record: Delta at $76.61, 6.8% below its start — scored as sold if it closes under $79.70 tonight

The ten lines

  1. 1

    DOWN Chip fund SOXX −3.7% to $523.67 — 20.1% below its 22 June high, a bear market by the usual definition

    SOXXSMHAMDAMATAVGOTSMNVDAMUASML

    The seventh day of the slide takes the chip fund past the 20% mark from its 22 June closing high of $655.01; it is down 10.1% since last Wednesday's close and still about 67% higher this year. SMH −3.1%. AMD −4.9%, Applied Materials −3.2%, Broadcom and TSMC −2.7%, Nvidia and Micron −2.7%. ASML, after a record quarter and a sold-out 2027–28, holds up best at −1.0%.

  2. 2

    DOWN Software joins the selling: IGV −2.4% to $108.29, cloud fund CLOU −2.6%, Palantir −2.1%

    IGVCLOUPLTRMSFTMETANOW

    Until Tuesday the companies that use AI held up while the builders fell; today the software fund gives back 2.4% and sits 3.9% below its 9 October high. Microsoft −1.2%, Meta −3.1%; ServiceNow is the exception at +0.5%. Microsoft and ServiceNow both report on 28 October, the day of the Fed decision — holders are taking profits before the numbers.

  3. Weekly Signal One signal to define the week — scored in the open, Sundays at 21:00 CET. Read the Weekly Signal →
  4. 3

    DOWN Oracle −7.5% to $132.53, giving back Tuesday's +4.2% and more

    ORCL

    The reasons reported: the credit-rating cut to BBB− from July back in focus, the report that OpenAI only starts paying on its contract in 2027, and uncertainty over a gas-line approval for its Project Jupiter data centre (Investing.com, Benzinga). Higher yields after the inflation report make a debt-funded build-out harder to carry.

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C · line 11 · members

Today in line 11: what the 20% mark changes for the chip trade, why software falling with chips is a different kind of selling, and the levels we watch into the close.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.