Memory-chip rout and a 9% oil surge drag stocks lower ahead of key inflation data

The Nasdaq 100 fell 1.88% to 29,264 as chip stocks dropped about 5%, SK Hynix hit a record decline, and US crude jumped $6.73 to $78.14 on an Iran blockade; Fed's Waller flagged a possible July rate hike.

Deepakshi

Kristal Research & Marketing team

14 Jul2.5 min

Key takeaways — AI summary

The Nasdaq 100 fell 1.88% to 29,264 and the S&P 500 slipped 0.78% to 7,517, with chip stocks down about 5% as a group while energy stocks rose 3.2%.
A memory-stock selloff began in South Korea, where SK Hynix had its worst day on record and briefly halted trading on Korea's main index; Seoul shares fell another 13% Tuesday morning. US-listed decliners included Sandisk -13.6%, AppLovin -13.0%, SK Hynix -9.4%, Marvell -7.0%, Intel -6.9% and Oracle -6.5%.
US crude jumped $6.73 (over 9%) to $78.14 a barrel after the US said it will restart its naval blockade of Iran and Trump announced a 20% charge on ships using the Strait of Hormuz; strait traffic halved to 14 vessels on Sunday.
Fed Governor Christopher Waller said a hot core inflation reading would put a near-term rate hike on the table, lifting July hike odds to about 45% from 35%; the 10-year Treasury yield rose to 4.62% and gold was roughly flat.
Software stocks rallied as money rotated out of chips: Figma rose 10.0%, Atlassian 8%, Intuit 6%, with Salesforce, HubSpot and Monday.com about 5% each.

Generated by Kristal AI · reviewed by the research desk

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