We consider a semiconductor quantum-well placed in a wave guide microcavity and interacting with the broadband squeezed vacuum radiation, which fills one mode of the wave guide with a large average occupation. The wave guide modifies the optical density of states so that the quantum well interacts mostly with the squeezed vacuum. The vacuum is squeezed around the externally controlled central frequency $om_0$, which is tuned above the electron-hole gap $E_g$, and induces fluctuations in the interband polarization of the quantum-well. The power spectrum of scattered light exhibits a peak around $om_0$, which is moreover non-Lorentzian and is a result of both the squeezing and the particle-hole continuum. The squeezing spectrum is qualitatively different from the atomic case. We discuss the possibility to observe the above phenomena in the presence of additional non-radiative (e-e, phonon) dephasing.