Nasdaq Plunges 4.6% in Five-Day Losing Streak; Morgan Stanley Warns Semiconductor Stocks Resemble Silver Rally

According to Morgan Stanley strategist Mike Wilson, the Nasdaq Composite fell for five consecutive trading days last week (through June 28), dropping 4.6%—more than double the S&P 500's decline—reflecting a shift in market sentiment toward artificial intelligence themes and capital rotation away from technology stocks.

Wilson flagged accelerating volatility in semiconductor stocks as a major concern, citing the Philadelphia Semiconductor Index's sharp swings: up 7.3% the previous week, then down 7.9% last week. He warned that the sector resembles silver's commodity-driven rally, lagging by roughly four months, with capital outflows from hyperscale cloud providers signaling potential weakness ahead despite robust near-term earnings expectations.