SK Hynix's U.S.-listed shares fell 8% after a strong debut on the Nasdaq where they initially rose nearly 13%. This decline was mirrored by a more than 15% drop in its Seoul-listed shares, marking the company's worst day in history.
The broader memory and chip sector faced pressure as investors reassessed the sustainability of the artificial intelligence trade, leading to declines in the Roundhill Memory ETF (down 9%) and individual stocks like Sandisk (down 5.5%), Western Digital, and Micron Technology (both down 5%).
The iShares Semiconductor ETF (SOXX) also fell by 2%, with Intel and Advanced Micro Devices declining over 2%. In contrast, CCC Intelligent Solutions saw a 2% increase in its shares after reports indicated that Elliott Investment Management acquired a significant stake prior to the company's potential sale discussions.
MGM Resorts International shares rose more than 2% following reports of private talks with Barry Diller's People Inc, which had previously made an acquisition offer. Energy stocks benefited from a 3% rise in oil prices due to renewed U.S.-Iran tensions, with Valero Energy and ConocoPhillips gaining 1.5% and 1%, respectively.
Fastenal's shares increased by 1% after Rothschild & Co Redburn initiated coverage with a buy rating, citing a favorable outlook. Additionally, Shopify and Deckers Outdoor Group saw gains after Jefferies upgraded both to buy, with Shopify rising 2.5% and Deckers up 2% due to positive assessments of their fundamentals and product innovations