Nasdaq Record, Chips Still 10% Below June: Morning 10
Nasdaq — record close at 27,477 while the chip funds sit 5–15% below their June peaks
Tech is carrying the market, the chips not yet: Nvidia and TSMC closed at records, but the semiconductor index is still 10% under its 22 June high and the Nasdaq-100 without tech hit a one-year low on Thursday. Overnight Korea sold its memory makers; US futures are up 0.1%.
In this edition
The Morning 10 Tue, Oct 6, 2026 ~90 seconds 08:00 CET
The ten points
The Nasdaq Composite closed at a record on Monday: up 1.05% to 27,477.31, past its 22 September high. The Nasdaq-100, its fund QQQ and the technology fund XLK closed at records for the second day running, and so did Nvidia and TSMC's US shares. It happened with the 10-year Treasury yield at 5.31%, its highest close in a year.
The record is narrow. The chip makers as a group have not followed: the semiconductor index SOX is still 10.0% below its 22 June record, the equal-weight chip fund XSD 15.0% below its June high, Micron 12.3% and Broadcom 24.7% below theirs. And on the other side of the same exchange, the Nasdaq-100 without its tech companies (QQXT) closed at a one-year low on Thursday. Tech is carrying the market — the semiconductors not yet.
Overnight Korea reopened after a holiday and sold its memory makers: SK Hynix −3.3%, Samsung −1.5%, the Kospi −1.1%. Tokyo rose 1.1% with Advantest +3.8%, while SoftBank fell 3.3%. US futures are up about 0.1%. Accenture's earnings window closes tonight, and Penguin Solutions reports after the bell.
- Nasdaq — record close at 27,477; Nasdaq-100, QQQ and the tech fund XLK at records for a second day
- Nvidia and TSMC — record closes at 238.90 and 485.80; Broadcom +2.1% but 24.7% below its June high
- Chips — the semiconductor index is still 10.0% below its 22 June record, the equal-weight chip fund 15.0%
- Memory and the rest lag — Micron 12.3% below its June high, Intel 17.6%; AMD slips from Friday's record
- Nasdaq without tech — QQXT hit a one-year low on Thursday; down 2.4% this year while QQQ is up 23.3%
- Bonds — the 10-year closed at 5.31%, its highest close in a year; tech rose anyway
- Korea reopens lower — Kospi −1.1%, SK Hynix −3.3%, Samsung −1.5%
- Japan — Nikkei +1.1% to 70,721, Advantest +3.8%; SoftBank −3.3% after Son's AI warning
- Print Record — Accenture's window closes tonight; Penguin Solutions reports after the bell
- US futures +0.1%; oil funds fell 2.3–2.6% on Monday, bitcoin at $85,500
-
Nasdaq — record close at 27,477; Nasdaq-100, QQQ and the tech fund XLK at records for a second day
StructureQQQXLKSPYRSP
- What
- The Nasdaq Composite rose 1.05% on Monday to 27,477.31, its first record close since 22 September (27,244.28). The Nasdaq-100 (31,076, +0.87%), its fund QQQ (756.20, +0.88%) and the technology fund XLK (200.93, +0.56%) all closed at records for the second session running. The S&P 500 rose 0.66% to 7,773.95 and is 0.3% below its 13 August record. The equal-weight S&P 500 fund RSP and the small-cap fund IWM both gained 0.66%, the Dow fund DIA 0.20%.
- If
- QQQ holds above 749.58, Friday's record close
- Why
- a record that holds the next day is one buyers are defending, not a one-session spike
- Then
- the next mark for the S&P 500 is its 13 August close of 7,798.99 — 0.3% away
-
Nvidia and TSMC — record closes at 238.90 and 485.80; Broadcom +2.1% but 24.7% below its June high
StructureNVDATSMAVGO
- What
- Nvidia rose 2.1% to 238.90, above its 14 May record close of 235.74. TSMC's US shares gained 2.8% to 485.80, past their 30 June record of 477.57. Broadcom rose 2.1% to 362.51 and is still 24.7% below its 2 June high of 481.57. These two are the names carrying the record — the largest chip companies, and the ones with the most weight in the Nasdaq-100 and in the chip fund SMH.
- If
- Nvidia and TSMC keep making highs while the rest of the chip group stays below June
- Why
- the gains would stay concentrated in the two companies the AI build-out depends on most, instead of spreading across the sector
- Then
- TSMC's September sales, due around 10 October, are the next hard number on that demand; its quarterly report follows on 15 October
- Absolute Breadth How many stocks actually participate — the breadth engine behind the index headlines. Check the breadth →
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Chips — the semiconductor index is still 10.0% below its 22 June record, the equal-weight chip fund 15.0%
Structure- What
- The Philadelphia semiconductor index SOX closed at 13,172.74 (+0.27%), 10.0% below its record of 14,634.72 on 22 June — it needs an 11.1% gain to get back there. The chip funds tell the same story by size. SMH, where Nvidia and TSMC weigh most, is 5.2% below its June high of 668.91; the fabless fund SMHX 6.3%; SOXX 10.0%; the equal-weight XSD, where every chip maker counts the same, 15.0% below its 3 June high of 649.73. On the editor's charts, SOXX and SMH are still inside the rising channels drawn from late 2025, but in their lower half. SMH is back above its 565 line, and XSD is pressing on its 546 line after breaking the downtrend from its summer high.
- If
- XSD closes clearly above its 546 line
- Why
- the equal-weight fund is the broad chip group — when it joins, the rally is no longer just the leaders
- Then
- our ETF dispersion page tracks how far the big-name funds and the equal-weight funds drift apart
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