[New York Stock Exchange (NYSE)] CPI and semiconductor rally drive a rebound in one day... SK hynix soars 27%

[Financial News]  

The three major U.S. stock indexes rebounded on the 14th, recovering in just one day. The Dow Jones Industrial Average also moved into positive territory late in the session, leaving all three indexes higher.
Inflation worries eased after the U.S. Consumer Price Index (CPI) for June, released that day, showed a 3.5% increase, the lowest in six years, and a 0.4% decline from the previous month.
Semiconductor stocks, which had plunged the previous day and weighed on the market, also rebounded and helped fuel the rally.
SK hynix American Depositary Receipt (ADR) shares surged 27.3%.

The three major indexes, which struggled the previous day amid weakness in semiconductors, returned to gains within a day.
The Dow, which joined the rally late in the session, closed up 9.63 points, or 0.02%, at 52,508.27, edging higher.
The S&P 500 rose 28.25 points, or 0.38%, to 7,543.59, while the Nasdaq climbed 233.83 points, or 0.90%, to 26,107.01.
The Cboe Volatility Index (VIX), known as Wall Street's fear gauge, fell 0.76 points, or 4.43%, to 16.40.

Semiconductor stocks led the gains on the day.
SK hynix ADRs jumped 27.29%, or $41.57, to $193.92, while Micron rose $46.12, or 4.92%, to $983.12.
Barclays PLC set a target price of $330 for SK hynix.
Chip giant NVIDIA also surged $8.27, or 4.06%, to $211.80.
The Roundhill Memory ETF, a memory semiconductor exchange-traded fund, jumped $3.93, or 6.86%, to close at $61.23.

Big tech stocks were mixed.
Alphabet Inc. rose $7.00, or 1.99%, to $359.51, and Tesla gained $1.42, or 0.36%, to close at $396.18.
Palantir Technologies also jumped $3.68, or 2.83%, to $133.72.
Microsoft, however, ended its recent winning streak and fell $6.06, or 1.55%, to $384.93.
The shock from IBM's disappointing preliminary results appeared to spill over.
IBM said companies had paused software purchases as they focused on building hardware infrastructure such as memory and processors, casting a cloud over software stocks.
IBM plunged $73.16, or 25.21%, to $217.07. It was the company's biggest drop in more than 50 years, since 1972.
SpaceX, tied to Elon Musk, extended its decline. Losses widened again late in the session, and the stock ultimately slipped $3.06, or 2.20%, to $136.08.

JPMorgan Chase & Co., BofA, and Goldman Sachs, which released quarterly earnings on the day, all saw their shares rise.
Their results improved as they benefited from underwriting fees for initial public offerings amid the artificial intelligence boom.
JPMorgan rose $8.36, or 2.50%, to $342.89, while BofA gained $1.12, or 1.88%, to $60.62.
Goldman Sachs surged $94.09, or 9.00%, to $1,140.00.

[email protected] Song Kyung-jae Reporter