Three Major Indexes Open Lower; Memory Stocks Broadly Decline, SK Hynix Drops Over 3%, SanDisk and Micron Fall Over 2%, GM Slides Over 6% Post-Earnings
Tiger Newspress
Oct 20
The Nasdaq Composite fell on Tuesday, with artificial intelligence-linked names coming back under selling pressure following a mostly higher session on Wall Street.
The tech-heavy index slid 0.47%, while the S&P 500 dropped 0.22%. The Dow Jones Industrial Average traded around the flatline.
Memory concept stocks broadly declined, as SK Hynix fell over 3%, while SanDisk and Micron Technology both dropped over 2%. General Motors (GM) tumbled over 6% following its earnings report.
Sentiment in tech took a hit after Korean AI firm Elice tumbled more than 30% overnight in its public market debut. Investors recently have been worried about the sustainability of the AI trade, as debt and demand concerns grow.
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