Stock Market Today, July 13: SK Hynix Tumbles 15% in South Korea, Leading Semiconductor Drop at Midday
At midday, the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 1.06% to 26,002.95, and the S&P 500 (SNPINDEX:^GSPC) fell 0.49% to 7,538.37 as growth sectors faltered, while the Dow Jones Industrial Average (DJINDICES:^DJI) declined 0.26% to 52,501.95.
Gold prices dropped 1.78% to $4,015.70 as of midday, and the 10-Year Treasury yield rose 0.03% to 4.60%. Consumer defensive stocks gained 1.03% while healthcare stocks dropped 1.08%.
Today's biggest moves
Memory stocks dipped this morning after SK Hynix stocks plunged in South Korea. Last week, the chipmaker soared after its debut on U.S. exchanges, but today, investors sold off following a brokerage report suggesting it may not meet its quarterly profit estimates. The jitters dragged on peers, including Micron Technology, Seagate Technology, and Sandisk. Biogen gained following a Truist upgrade citing optimism for the company’s Alzheimer’s pipeline.
What this means for investors
The prospect of further disruptions to oil supplies and increased hostilities in the Middle East weighed on stocks this morning. WTI crude surged 4.6% to almost $75 a barrel amid reports of renewed clashes between the U.S. and Iran, and potential restrictions on transit through the Strait of Hormuz.
Airline stocks, which had begun to recover on hopes of a full peace deal, dropped, and investors shifted again to defensive stocks. The worry is that elevated energy prices could fuel higher inflation, which could cause the Federal Reserve to raise interest rates and reduce risk appetite. All eyes will be on major banks this week as they kick off the second-quarter earnings season for clues about the resilience of consumers’ financials and the economy.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology and Truist Financial. The Motley Fool recommends Biogen. The Motley Fool has a disclosure policy.
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