US stocks opened lower on Friday, with technology shares broadly under pressure, according to market data cited by Gate. The Philadelphia Semiconductor Index fell more than 20% from its record closing high, putting it on track to confirm a bear market. Among individual names, SK Hynix ADR dropped below its $149 offering price for the first time, while SpaceX shares were down 38% from their peak, wiping out about $1 trillion in market value. AMD fell more than 7%, Intel lost more than 6%, and TSMC declined more than 5%. Analysts said the prolonged pullback in chip stocks reflected a shift in capital style and changing market preferences. They also pointed to rising rate expectations after Federal Reserve Chair Wosh expressed dissatisfaction with inflation.
US stocks opened lower on Friday, with technology shares falling across the board, according to Gate market data. The Philadelphia Semiconductor Index was down more than 20% from its record closing high, leaving it close to confirming entry into a bear market.
Among individual stocks, SK Hynix ADR fell below its $149 offering price for the first time. SpaceX shares were down 38% from their peak, erasing about $1 trillion in market value. AMD dropped more than 7%, Intel lost more than 6%, and TSMC fell more than 5%.
Analysts said the ongoing retreat in chip stocks was tied to a shift in capital style and a change in market preference. They added that the market's expectations for interest-rate hikes increased after Federal Reserve Chair Wosh expressed dissatisfaction with inflation.
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