Shares of semiconductor stocks such as SK Hynix and SanDisk Corp. commenced trade in the red after the opening bell of the US stock market, amid investor caution with regards to the cyclical peak in memory pricing.
SK Hynix started trading with a downturn of 3.02% at $189.14 apiece, while SanDisk Corp. saw a decline of 1.59% to $1,677 after markets opened. Outside of memory pricing concerns, investors also seemed to note slowing growth as well as broader macroeconomic trends such as the US Treasury Bond yield hitting its highest level since 2002.
Intel also indicated volatility in early trade, with a downturn of 0.05% to $116.13.
Other chip stocks traded at a marginal uptick, with Advanced Micro Devices’s share price being up 1.36% to $640.34. Shares of Micron were up 0.15% to $1,065.52. Nvidia trade the highest with its stock price climbing 1.54% to $242.57.
This development comes after Nasdaq had closed with a fresh high in the previous day’s trade up 1.05% to 27,544.07.
US stocks opened higher on Tuesday, with the S&P 500 and Nasdaq Composite gaining as lower oil prices and softer bond yields offered some relief to investors.
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The Dow Jones Industrial Average was up 197.67 points, or 0.39%, at 51,465.57 at 9:36 a.m. EDT, according to market data.
The S&P 500 rose 36.53 points, or 0.47%, to 7,810.48, while the Nasdaq Composite advanced 151.35 points, or 0.55%, to 27,628.662.
Brent Crude futures were down 2.06% to $98.25 per barrel at 7:30 p.m., while the West Texas Intermediate was down 1.65% to $87.95.
