SK Hynix shares plunged 15% in South Korea, dragging down memory-chip peers after a brokerage report cast doubt on its quarterly profit estimates. The sell-off spread to U.S. stocks, with Micron Technology, Seagate Technology, and Sandisk all declining. Broader markets also fell, as the Nasdaq Composite slipped 1.06% and the S&P 500 dropped 0.49% amid growth-sector weakness and rising oil prices. WTI crude surged 4.6% to nearly $75 a barrel on renewed U.S.-Iran tensions, fueling inflation concerns and a shift into defensive stocks. Biogen bucked the trend, gaining after a Truist upgrade highlighted optimism for its Alzheimer's pipeline.
SK Hynix IncBrokerage report casts doubt on quarterly profit estimates, causing 15% plunge.
Micron Technology Inc
Sandisk Corp
Biogen IncTruist upgrade highlights optimism for its Alzheimer's pipeline.
Seagate Technology PLC