The semiconductor outperformance likely came from a combination of better-than-feared earnings from Apple (NASDAQ: AAPL) and Intel (NASDAQ: INTC) last night, as well as some better-than-feared economic data in the U.S. this morning. This morning, the Employment Cost Index released by the Bureau of Labor Statistics showed a slowing of private-sector wage growth, which was taken well by the markets. After all, these stocks began to decline even while earnings were good earlier this year, in anticipation of a downturn brought on by inflation and the Fed's interest rate hikes.