ASML, a key player in semiconductor manufacturing equipment, saw its shares drop 8% as China commenced mass production of its own deep ultraviolet chipmaking tools, indicating increased competition in the industry. In contrast, memory chip stocks experienced a rally, particularly after CXMT's public debut in Shanghai, which saw its shares soar over 466%.
However, established companies like SK Hynix, SanDisk, and Micron Technology faced declines of 8%, 11%, and 5%, respectively. SAP's shares rose more than 7% following the announcement of a second phase in its 10 billion-euro stock buyback program, reflecting investor confidence in its financial strategy.
Energy stocks fell as oil prices decreased, influenced by a temporary ceasefire agreement between the U.S. and Iran, with major players like Chevron and ExxonMobil each down about 1%. Forte Biosciences experienced a remarkable 40% increase in its stock price after agreeing to be acquired by Argenx for $2.2 billion, representing a significant premium over its previous closing price.
Rivian Automotive's shares gained 5% following an upgrade from Piper Sandler, which set a price target of $20, citing improved delivery guidance and a successful SUV launch. Brown-Forman's stock rose nearly 4% after it rejected a $32-per-share takeover bid from Sazerac, emphasizing its commitment to its long-term vision.
Baker Hughes shares increased by 6% after reporting better-than-expected earnings, with the CEO expressing optimism about meeting full-year guidance amid Middle East uncertainties. Conversely, Amkor Technology's shares fell 7% ahead of its quarterly earnings report. D-Wave Quantum's partnership with AT&T led to a 5% increase in its stock, while IonQ and Rigetti Computing also saw gains.
Lastly, MapLight Therapeutics plummeted 68% after its schizophrenia treatment failed to meet trial endpoints, highlighting the risks associated with biotech investments