Memory chip stocks rally despite geopolitical risks, offsetting losses in broader markets as Middle East ceasefire expires.
U.S. stock indexes diverged midday as memory chip stocks surged, lifting the Nasdaq Composite 0.03% while the Dow Jones Industrial Average fell 0.31%, or about 200 points. The S&P 500 declined 0.17% as Middle East tensions escalated after a ceasefire expired this morning.
Brent crude rose 0.7% to $89.13 amid stalled U.S.-Iran negotiations, with shipping through the Strait of Hormuz nearly halted. SK Hynix and Micron Technology led gains, adding $83 billion in market value and pushing Micron above $1,000 per share.
The Dow turned negative shortly after the open, while the Nasdaq fluctuated near breakeven. Geopolitical uncertainty weighed on broader markets, though chip stocks remained resilient.