Semiconductor stocks slipped 0.7%, as analysts warn tighter "campaign finance laws" could limit access to pro-industry trade agreements, impacting long-term earnings growth projections. "Once you get in there, you can build a war chest, and then you just sit on it, and you use it to scare people away that want to run against you into the future," Cates said. "Oftentimes, people call the commission — reporters and so on — for comment on campaign finance matters," Smith said. "And the Republicans and Democratic commissioners often have somewhat different takes on the issues." Small-cap indexes like the Russell 2000 are showing resilience despite uncertainty in "campaign finance laws" outcomes. Investors are rotating into companies with low political exposure, reflected in a 1.1% weekly gain.
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