The steep slump in Korea’s SK Hynix (SKHY) will continue to end this week, along with weak tech stocks. The South Korean firm’s stock fell by around 3% in Seoul after the firm stopped a review of potentially listing Solidigm in U.S. markets.
SK Hynix cited market conditions and share price trends for the decision. It will look for other financing options. It needs substantial funds to build a fab plant in the U.S.
Moderna (MRNA) shares ended their relentless rally that started at around $50. The stock peaked at $254.48 but closed down by 17.57% to $202.63. ESMO posted the full study dataset of Moderna’s cancer vaccine results. Intismeran autogene, under development with Merck (MRK), cut the risk of melanoma returning or death by 42%.
The drop in the 10-year Treasury bond yield was the biggest development on Thursday. Yields broke below 5.0%, a level not seen in a month. The sharp drop in AI suppliers pushed fearful investors to buy into safety. They viewed U.S. debt as a haven, despite the country holding $40 trillion in debt.
Private credit firms also rallied. KKR (KKR), Blackstone (BX), and BlackRock (BLK) shares jumped. Asset management firms like Brookfield (BAM) and T. Rowe Price (TROW) also rallied in response to bond yields dropping.
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