US Stocks Fall for Third Day, Dow Drops 400 Points; Memory Stocks Buck Trend as SK Hynix ADR Surges 7% to Record High

SK Hynix ADR (SKHY) surged 7.05% to $198.63, hitting an all-time high since its listing, with its market capitalization reaching $1.45 trillion.

According to the latest forecast from S&P Global Market Intelligence, driven by strong demand in the AI memory chip market, SK Hynix is expected to announce a new share buyback program in the fourth quarter of this year, with an estimated size between 20 trillion and 40 trillion Korean won (approximately $28 billion). Furthermore, after completing the large-scale buyback, the company will still have the capacity to pay generous dividends, providing another strong catalyst for the South Korean government's "Corporate Value-up" initiative and the momentum in restructuring shareholder returns. Mohammad Hassan, head of APAC equity dividend forecasting at S&P Global Market Intelligence, said in an interview that the lower limit for SK Hynix's new round of buybacks is expected to be 20 trillion won, and "it could potentially hit the upper limit of 40 trillion won again."

Among mega-cap tech stocks, Meta Platforms (META) rose 6.55%. On the downside, SpaceX (SPCX) fell 3.86%, Google (GOOGL) fell 2.28%, Amazon (AMZN) fell 1.78%, Broadcom (AVGO) fell 1.13%, Nvidia (NVDA) fell 0.91%, TSMC (TSM) fell 0.83%, Microsoft (MSFT) fell 0.47%, Apple (AAPL) fell 0.28%, and Tesla (TSLA) fell 0.10%.

[Source: FutuBull]

The Philadelphia Semiconductor Index rose 0.37% to 11,931.32. Among its 30 constituents, 18 advanced and 12 declined.

Among memory stocks, SK Hynix (SKHY) rose 7.05%, Micron Technology (MU) gained 2.75%, SanDisk (SNDK) rose 1.51%, and Western Digital (WDC) gained 1.04%.

Dell Technologies Reportedly Seeks $4 Billion Bond Sale to Pay Down Debt

Dell Technologies, the global server and PC maker, is seeking to raise about $4 billion through an investment-grade bond offering, Bloomberg reported on Sept. 9. Dell is issuing bonds across four tranches with maturities ranging from 3 to 10 years, media reported, citing people familiar with the matter. Initial price talk on the longest-dated tranche is up to 1.4 percentage points above comparable U.S. Treasuries. Proceeds will be used to refinance outstanding notes maturing in 2026 and for general corporate purposes, the person said.

Apple Unveils First Foldable iPhone Duo, Starting at $1,999

Apple has launched its first foldable smartphone, the iPhone Duo, featuring a 7.6-inch inner screen when unfolded, the largest display ever on an iPhone. When folded, it uses a 5.4-inch cover screen with a display area equivalent to 90% of the iPhone 18 Pro. Both screens support ProMotion, Always-On display, and a peak outdoor brightness of up to 3,000 nits. The new device features a Grade 5 titanium body and a precision hinge composed of over 100 components, supports IP68 dust and water resistance, and integrates Touch ID into the side button. Powered by a 2-nanometer A20 Pro chip and a custom vapor chamber, the iPhone Duo delivers up to a 35% boost in sustained performance compared with the iPhone 17 Pro and supports running two apps simultaneously in split-screen mode. It comes equipped with a 48-megapixel main camera and a 48-megapixel ultra-wide camera, with its foldable design also enabling rear-camera selfies with a real-time preview on the cover screen.

U.S. Treasuries Extend Losses After Buyback Announcement, Market Views $6 Billion Cap as Insufficient

The U.S. Treasury stated that it will purchase at least $4 billion and up to $6 billion in long-term government debt in the first operation of its expanded buyback program, demonstrating Bessent's determination to curb recent increases in borrowing costs. U.S. Treasuries extended earlier losses after the announcement, indicating that the size of the announcement was smaller than some investors had expected. The success of the expanded purchase program remains to be seen.

Trump: U.S.-Iran War Will End Immediately After Midterm Elections

Trump stated that he will not change his strategy toward Iran for the midterm elections and is not currently seeking negotiations with Iran, saying the situation "has gone too far," though talks could still take place in the future. He noted that what the U.S. is seeking to address with Iran is no longer just the nuclear issue, and the negotiating table will also include other topics that were "impossible to put on the table" three months ago, adding that "this war will end immediately after our election." Touching on energy prices, Trump said oil prices will drop significantly after the midterms and will push gasoline prices below $2 a gallon, though achieving this goal may take longer. Regarding oil prices rising back above $100 a barrel, he linked it to preventing Iran from obtaining nuclear weapons and said Iran's current economic and domestic situation is very dire.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.