The FED was unanimous of its decision and its the first step to further increases. As of 18 September 2026, the Philadelphia Semiconductor Index rose another 2.8%, its fourth consecutive gain, and finally broke above its 50-day moving average after that level had acted as resistance since July. The backdrop is still unusually volatile, the SOX had fallen about 21% in July, so some of what we are seeing is recovery from a major drawdown rather than a fresh move from a stable base. Next to watch : Micron earnings on 30 Sep
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