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 arsenic maturation sectors faltered, portion the Dow Jones Industrial Average (DJINDICES:^DJI) declined 0.26% to 52,501.95.

Gold prices dropped 1.78% to $4,015.70 arsenic of midday, and the 10-Year Treasury output roseate 0.03% to 4.60%. Consumer antiaircraft stocks gained 1.03% portion healthcare stocks dropped 1.08%.

Today's biggest moves

Memory stocks dipped this greeting aft SK Hynix stocks plunged successful South Korea. Last week, the chipmaker soared aft its debut connected U.S. exchanges, but today, investors sold disconnected pursuing a brokerage study suggesting it whitethorn not conscionable its quarterly nett estimates. The jitters dragged connected peers, including Micron Technology, Seagate Technology, and Sandisk. Biogen gained pursuing a Truist upgrade citing optimism for the company's Alzheimer's pipeline.

What this means for investors

The imaginable of further disruptions to lipid supplies and accrued hostilities successful the Middle East weighed connected stocks this morning. WTI crude surged 4.6% to astir $75 a tube amid reports of renewed clashes betwixt the U.S. and Iran, and imaginable restrictions connected transit done the Strait of Hormuz.

Airline stocks, which had begun to retrieve connected hopes of a afloat bid deal, dropped, and investors shifted again to antiaircraft stocks. The interest is that elevated vigor prices could substance higher inflation, which could origin the Federal Reserve to rise involvement rates and trim hazard appetite. All eyes volition beryllium connected large banks this week arsenic they footwear disconnected the second-quarter net play for clues astir the resilience of consumers' financials and the economy.

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