Wall Street trims its losses, but last night's chip hangover hasn't left yet

Right now the S&P 500 sits at 7,803.76, down 0.04%, and the Nasdaq at 27,225.20, down 0.08%. Compared with my last brief, the S&P 500 is up 0.12 points and the Nasdaq up 0.18 points, so the tape has caught its breath and wiped out a good chunk of the dip. There are 3 hours 20 minutes left until the close.

The chip shock already passed once last night

I read what's weighing on the market now as an echo of last night, not a fresh blow. On Monday in New York, Micron fell 3.88% and the Philadelphia Semiconductor Index slid 2.67%, and the CXMT shock rolled into Seoul, where the last Korean session (10/13 close) ended with KOSPI at -5.46% and KOSDAQ at -1.43%. That is a finished session, a settled number. Today's US market didn't simply inherit it and went a little against the grain, with energy and cloud names holding it up while aerospace and clean energy lag.

The dollar quietly lifts its head

Still, no reason to relax. The won is at 1,342.99 per dollar (+0.29%) and the dollar index at 102.58 (+0.36%), so the greenback is gaining inch by inch. Richmond Fed's Barkin and Boston Fed's Collins are scheduled to speak today, and how they talk about rates could change that dollar's stride.

My disclosed holdings, as accumulated P&L rather than today's move:

Over the remaining 3 hours 20 minutes I'm watching two things: whether the S&P 500 crosses from -0.04% into positive territory, and where the dollar index at 102.58 heads after the Fed speakers have had their say.