Investors can use the SPDR S&P Semiconductor ETF (XSD) to take a focused play on the semiconductor subsector. In the recent webcast, Preparing Your Portfolio For 2023, Simona Mocuta, chief economist at State Street Global Advisors, outlined the next stage of the macroeconomic story, which could include materially sub-trend growth, disinflationary conditions ahead, the consequences of the Federal Reserve's monetary policy tightening, and normalizing labor markets. Matthew Bartolini, head of SPDR Americas Research at State Street Global Advisors, noted that while earnings revisions stabilized, growth estimates continue their downward trend, except for US small caps.