In the US financial markets on Monday the 13th, selling spread across major tech stocks, and SK Hynix's American depositary receipts opened 9.3 percent lower. The surge in crude oil prices due to worsening conditions around the Strait of Hormuz has reignited inflation concerns, souring market sentiment. The Philadelphia Semiconductor Index started 3.2 percent lower, while US Treasury yields rose. Behind the moves is the view that the Federal Reserve will be forced to raise interest rates to curb oil-driven inflation.
SK Hynix IncRising oil prices reignite inflation fears, likely forcing Fed to raise rates, hurting tech stocks like SK Hynix.