U.S. Chip Stocks Fall as South Korea’s KOSPI Drops 5%
U.S. semiconductor shares fell as China’s CXMT announced progress on a more efficient memory-cell design, following a 5% drop in South Korea’s KOSPI. Applied Materials fell 6.5% and Micron dropped 4.9%; the S&P 500 was down 0.2% and the Nasdaq 100 fell 0.5% by midday.
S. stocks were lower by midday Tuesday as a selloff in chip shares, triggered by a 5% drop in South Korea’s KOSPI, offset advances in banks and energy. The S&P 500 traded just under 7800, while the Nasdaq 100 led declines. China’s CXMT said it had made progress on a more efficient memory-cell design, weighing on chipmakers.
Samsung Electronics Co. Ltd. (OTC: SSNLF) and SK Hynix Inc. (NASDAQ: SKHY) each fell roughly 8% in Seoul.
S. trading, Micron Technology Inc. 9%, and Applied Materials Inc. 5%.
2% at 7795. 5% to 30511, with chip weakness a drag. 6% to 2777. **Big-Bank Earnings Support Dow** JPMorgan Chase & Co.
90 estimate. Goldman Sachs Group Inc. 02 consensus. Wells Fargo & Co.
84 consensus. 31 billion forecast. 2% despite beating profit expectations and raising its full-year outlook. A MedTech miss and a one-time talc litigation charge weighed on the shares.
Caterpillar Inc. 0% as industrial stocks pulled back. 72. Gasoline has now matched 2022’s record for the most days in a single year above $4 per gallon.
22%, down 2 basis points. The yield level continues to cap valuations in rate-sensitive parts of the market. CME FedWatch put the odds of another quarter-point hike at the Oct. 27-28 FOMC meeting at about 26% as of Oct.
7. S. 87% YTD. 56% YTD.
83% YTD. 90% YTD. Figures updated by 12:26 PM ET. 5%.
The supplied section ends with an incomplete reference to the iShares Russell. 7%. 1%. 2%.
Industrials and Health Care were among the weakest sectors. 2%, weighed down by Johnson & Johnson (NYSE: JNJ). 6%. 2%.
0% as crude remained firm. 0% alongside softer gold. 0%. Flex Ltd.
8% after announcing plans to spin off its Cloud and Power Infrastructure unit as Axiom Solutions International, in addition to the broader AI-hardware AST SpaceMobile Inc. 8% after Piper Sandler downgraded the stock to Neutral, pointing to competition from SpaceX’s direct-to-cell effort. Fermi Inc. 4% after announcing an AMD credit-support agreement for its Project Matador AI-infrastructure site in Texas.
Advanced Micro Devices Inc. (NASDAQ: AMD) was identified as the partner. At last check, HF Sinclair Corp. 2%, Valero Energy Corp.
9%, and Marathon Petroleum Corp. 8%. Tuesday’s Russell 1000 top gainers were Fermi Inc. 15%), The Trade Desk, Inc.
56%), and Darling Ingredients Inc. 56%). Tuesday’s Russell 1000 top losers were AST SpaceMobile, Inc. 91%), Summit Therapeutics Inc.
23%), Flex Ltd. 84%), and Quantinuum Inc. 68%).