In premarket trading, memory stocks experienced a notable surge, largely driven by the impressive public market debut of chipmaker CXMT in Shanghai, where its shares soared over 466%. This positive momentum extended to U.S.-listed memory companies, with SK Hynix rising 4.7%, SanDisk increasing by 3.6%, and Micron Technology gaining 2.5%.
Conversely, energy stocks faced downward pressure as oil prices fell, influenced by a temporary agreement between the U.S. and Iran to pause hostilities. Major players like Chevron and ExxonMobil saw declines of 2.7% and 3.2%, respectively, while APA, Devon Energy, and Diamondback Energy dropped around 4%.
In the biotech sector, Forte Biosciences' shares surged over 39% following the announcement of its acquisition by Argenx for $2.2 billion, translating to $77 per share, which is a 40% premium over its previous close. Baker Hughes reported better-than-expected earnings, leading to a nearly 2.2% increase in its shares.
Additionally, Amkor Technology's shares rose over 2.4% ahead of its quarterly report, and D-Wave Quantum gained more than 7% after announcing a partnership with AT&T to enhance AI capabilities using quantum computing. Other quantum stocks, including IonQ and Rigetti Computing, also saw gains of 4.5% and 3.8%, respectively