Stock markets started this week ready for a reversal from last week’s selling pressure. Micron Technology (MU), Amazon (AMZN), Tesla (TSLA), and Seagate (STX) led the advance.
Investors who rotated out of tech and into banks and defensive sectors reversed that trade. JPMorgan Chase (JPM), Wells Fargo (WFC), and Schwab (SCHW) dropped on Monday while Phillip Morris (PM) pulled back.
U.S. semiconductor stocks recovered slightly on the day. Intel (INTC), Advanced Micro Devices (AMD), NVIDIA (NVDA), and Broadcom (AVGO) attracted buyers. They benefited after China’s CXMT fell by around 8% on Monday.
CXMT posted a sharp rise in profitability in the first nine months of 2026. The memory chip maker said that it expects net profit of between 131 billion yuan and 132.5 billion yuan (up to US $19.8 billion). That is a sharp reversal of a loss of 5.28 billion yuan reported a year ago.
CXMT is in a good position to take DRAM market share away from SK Hynix, Micron, and Samsung (SSNLF). That would require it to sell memory below market rates.
Indonesia’s stock market continued to fall. MSCI had plans to change its classification of the Indonesian stock market. If the country loses the emerging market classification by June 2027, foreign investors will likely sell their holdings.
