The test marks the latest failure for a group that was already testing a make-or-break level<\/a> earlier this month. The Roundhill Memory ETF (DRAM<\/a>) fell roughly 11% Tuesday and is down over 40% from its June high. <\/p>\n The damage runs through some of the biggest memory names. <\/p>\n SK Hynix (SKHY<\/a>) fell to an all-time low in US trading after dropping below the $149 offering price from its blockbuster US debut earlier this month. <\/p>\n Micron Technology (MU<\/a>) has shed over $450 billion in market value since its June record high, while Sandisk (SNDK<\/a>) has been more than cut in half since its late-June high. <\/p>\n The selling is not universal even inside the group. Nvidia (NVDA<\/a>) turned positive Tuesday, while Broadcom (AVGO<\/a>) pared its loss to less than 1%, continuing the relative resilience of the two largest US chip stocks. <\/p>\n And the damage largely stops there. <\/p>\n The S&P 500 equal-weight index (^SP500EW<\/a>) rallied 1% to a record high Tuesday, even as the chip sell-off dragged down the major indexes. <\/p>\n Nearly three-quarters of S&P 500 (^GSPC<\/a>) stocks are still higher in July, with the median stock up nearly 6%. Roughly 380 members were advancing Tuesday, and nine of its 11 sectors were trading higher. <\/p>\n That strength also shows up in the S&P 500 advance-decline line<\/a>, which bounced from its former ceiling last week<\/a> and hit a record high of its own Tuesday. <\/p>\n The next test arrives Wednesday. The Federal Reserve announces its rate decision before Microsoft and Meta report after the bell. Amazon and Apple follow Thursday afternoon. <\/p>\n As long as the S&P 500 equal-weight index and the advance-decline line hold their breakouts, the chip crash remains a sector problem. A reversal in either would be the first sign the damage is spreading. <\/p>\n Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared<\/a> or email him at jaredblikre@yahooinc.com. <\/p>\n<\/a> SOX is trying to hold the 11,000 level after falling over 25% from its June record high. \u00b7 Yahoo Finance AlphaSpace <\/p>\n
<\/a> The equal-weighted version of the S&P 500 \u2014 where every stock counts equally \u2014 just surged to a fresh record high Tuesday. \u00b7 Yahoo Finance AlphaSpace <\/p>\n