Oil and Yields Spiked, But Chips Are Clawing Back Into the Close

Right now the S&P 500 sits at 7,594 (-0.55%) and the Nasdaq at 26,092 (-0.61%), still in the red with about 20 minutes left before the close. The fact that the drop is a touch smaller than my last check tells me the semis and homebuilders that got hammered all day by surging oil and a bond yield spike — the 30-year just hit its highest level since 2007 — are finding some late footing. Right now semiconductors and clean energy have flipped positive, while biotech and materials are the ones still stuck in the red. It's a different story from yesterday's Korean session, where the KOSPI slipped a touch and the KOSDAQ actually gained — today it's Wall Street getting squeezed by oil and rates instead. My ConocoPhillips position is still sitting on a +8.3% unrealized gain, and with 20 minutes left, I'm watching whether this chip rebound can hold all the way to the bell.