Last week's semiconductor selloff has pushed these stocks deeper into oversold territory, according to Renaissance Macro's Jeff deGraaf. With earnings from sector stalwart Nvidia Corp. due later this week,

The chip maker’s earnings day has become a major event on Wall Street, drawing comparisons with Fed meetings and key economic reports for their influence over the broader market.

One of the reasons for last week's pullback could be something I've been discussing, which is interest rates, and the long end of the curve, specifically.