
Key points
S&P 500 chained return split by semiconductor up/down days, 2026 | +71% on semis-up days vs -34% on semis-down days, a 105% spread
Image source: @WarrenPies

S&P 500 chained return split by semiconductor up/down days, 2026 | +71% on semis-up days vs -34% on semis-down days, a 105% spread
Image source: @WarrenPies