【US Pre-Market】Micron Rises Over 5% Leading Storage Chip Rebound, SK Hynix IPO Oversubscribed by 7 Times to List Tomorrow
On July 9, Eastern Time, U.S. index futures traded mixed as the semiconductor sector rallied, driven by SK Hynix’s highly anticipated Nasdaq debut and a $30 billion Apple-Broadcom partnership. While memory and optical stocks climbed, mega-cap tech performance remained bifurcated. Commodity prices, including oil and gold, trended upward amid geopolitical tensions. Crucially, the Federal Reserve’s latest minutes identified AI infrastructure investment as a new inflation risk, highlighting a split on future interest rate hikes. While sector sentiment recovers, persistent geopolitical uncertainty and hawkish policy signals pose risks to the sustainability of the current market rebound.
TradingKey - On July 9, Eastern Time, in pre-market trading, the three major US stock index futures showed mixed performance. As of press time, Nasdaq 100 Index futures rose 0.64%, S&P 500 Index futures gained 0.13%, and Dow Jones Industrial Average futures fell 0.16%.
[Source: CME Group]
In commodities, international oil prices ticked up slightly, with WTI crude oil futures trading at $73.93 per barrel and Brent crude oil futures at $78.52 per barrel. Gold and silver prices rebounded, with spot gold ( XAUUSD) reclaiming the $4,100 mark to trade around $4,107 per ounce; spot silver ( XAGUSD) was quoted at $58.99 per ounce, up 1.59%.
In the crypto market, as of press time, Bitcoin was trading around $62,780, and Ethereum was hovering near $1,745. The US Dollar Index stood at 100.8.
Market Volatility
The memory chip sector strengthened across the board in pre-market trading. Micron Technology ( MU ), Western Digital ( WDC) rose over 5%, SanDisk ( SNDK ), Seagate Technology ( STX) rose over 4%, and Intel ( INTC) rose nearly 5%. On the news front, SK hynix's American Depositary Receipts (ADRs) were oversubscribed by more than 7 times and will officially debut on Nasdaq tomorrow, boosting sentiment across the entire memory sector.
The optical communications sector also showed strong performance. Corning ( GLW ), Marvell Technology ( MRVL) rose over 5%, while Coherent ( COHR) and Lumentum ( LITE) rose over 4%.
Large-cap tech stocks were mixed in pre-market trading. SpaceX ( SPCX) rose over 1%, Tesla ( TSLA) rose 0.3%, and Nvidia ( NVDA) rose 0.74%. Meta ( META) fell 2.59%, while Apple ( AAPL) and Amazon ( AMZN) weakened slightly.
Market News
SK Hynix will list on Nasdaq tomorrow, with its ADR oversubscribed by more than 7 times. South Korean memory chip giant SK Hynix will officially list and trade on the Nasdaq Global Select Market on Friday, July 10 (Eastern Time). The offering consists of 177.9 million American Depositary Receipts (ADRs), with each ADR representing one-tenth of a share of common stock. According to media reports, the ADR subscription rate has exceeded seven times, driven by extremely strong institutional demand. Renowned institutions including Baillie Gifford, Coatue Management, and Situational Awareness Partners have expressed total subscription intentions of up to approximately $7 billion.
Apple reaches chip agreement with Broadcom valued at over $30 billion. Apple announced a multi-year cooperation agreement with Broadcom ( AVGO) valued at over $30 billion, promoting the domestic manufacturing of more than 15 billion chips in the United States. Broadcom will invest $1.5 billion to expand its manufacturing facility in Colorado. As of press time, Broadcom's pre-market stock price rose 3.56%.
Meta plans to invest C$13 billion to build its first data center in Canada. Meta plans to build its first data center in Alberta, Canada, with an installed capacity of approximately 1 gigawatt. The construction period is expected to be two to three years, and upon completion, it will become Meta's largest data center outside the United States.
Fed's June minutes: AI investment listed as a major inflation risk for the first time. The minutes of the Federal Reserve's June monetary policy meeting showed that AI infrastructure investment has joined tariff policies and the Middle East situation as one of the primary sources of inflation. The minutes also revealed that Fed officials are clearly divided over the subsequent path of interest rate hikes, with the split between officials advocating for a rate hike by year-end and those favoring keeping rates unchanged near 50-50.
US-Iran conflict flares up again, international oil prices remain high. At the NATO summit, Trump declared that the US-Iran ceasefire memorandum of understanding has ended, and the US military launched a new round of strikes against Iran. However, Trump later stated that Iran is "very eager to make a deal." Geopolitical uncertainty has kept oil prices at elevated levels.
Key Events Calendar
EST | Event |
July 9, 8:30 | US Initial Jobless Claims for the week ending July 4 |
July 9 | PepsiCo ( PEP) Earnings |
July 10 | SK Hynix Nasdaq Listing |
July 10 | Delta Air Lines ( DAL) Earnings |
SK Hynix's debut on Nasdaq tomorrow is a core catalyst for the memory chip sector. Over 7x oversubscription confirms global capital's endorsement of the HBM and AI memory narrative. Coupled with Apple's collaboration with Broadcom and Meta's increased investment in AI infrastructure at its Canadian data center, the semiconductor sector has entered a window for sentiment recovery after previous sharp adjustments. However, the Federal Reserve minutes indicate that AI investment has become one of the sources of inflation risk, and geopolitical conflicts continue to recur, meaning the sustainability of the market's short-term rebound remains to be seen.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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