Analysis: Rate Hike Expectations and Capital Rotation Weigh on Tech Giants, Leading US Stock Market Decline

Odaily Odaily reports that the three major US stock indexes opened lower on Friday, with technology stocks broadly declining. The Philadelphia Semiconductor Index has fallen over 20% from its historical closing high, potentially confirming a bear market. SK Hynix's ADR dipped below its $149 IPO price for the first time, and SpaceX's stock price has dropped 38% from its peak, with its market capitalization poised to lose approximately $1 trillion from its peak. AMD fell over 7%, Intel dropped over 6%, and TSMC declined over 5%. Some analysts suggest that the ongoing correction in chip stocks has gone beyond fundamental factors and is more influenced by capital style rotation and shifts in market preferences.

Furthermore, Federal Reserve Chair Walsh's dissatisfaction with inflation during his hearing has heightened market expectations for rate hikes. "Hawkish" signals from other Fed officials have also exacerbated market tension. Specifically, Lorie Logan has explicitly called for a rate hike, while Christopher Schmid warned that the risk of a further acceleration in inflation in the coming months remains. On the geopolitical front, the prospect of a US-Iran war remains unclear, dampening market risk appetite. (Jinshi Data)