US Opening Bell | Stocks open mixed; Amkor Technology surges 7%; Semiconductor swings dominate

Market

July 24, U.S. stocks opened mixed as investors weighed upcoming tech earnings and macro data. The Dow Jones rose 0.20% to 51,813.30, the S&P 500 inched up 0.04% to 7,411.13, while the Nasdaq Composite slipped 0.13% to 25,105.42, signaling a cautious risk tone.

Declines in chipmakers led the early action. SK hynix falls 4.9% amid fresh U.S. export-control speculation, Western Digital drops 4.8% after delaying its flash spinoff, Micron Technology sheds 4.0% on industry oversupply concerns, Marvell Technology loses 3.9% following a tempered data-center outlook, and Taiwan Semiconductor Manufacturing eases 1.2% as margin pressures persist. On the upside, Amkor Technology jumps 7.3% after lifting revenue guidance, ServiceNow rallies 4.4% on strong subscription growth, BrightSpring Health Services Inc. adds 2.1% on a new Medicaid contract, and Oracle gains 2.0% after announcing an AI cloud partnership.

Broader weakness was evident across leveraged tech funds: Tradr 2X Long SNDK Daily ETF tumbles 9.8%, Direxion Daily MU Bull 2X Shares slides 8.1%, Roundhill Memory ETF drops 5.3%, Direxion Daily Semiconductors Bull 3x Shares sinks 4.9%, and United Microelectronics retreats 4.8% as investors trim exposure to the semiconductor complex.

News

Amkor Technology raises full-year revenue guidance. The chip packaging firm cited robust orders from AI and automotive customers. Management now expects double-digit sales growth, lifting investor confidence.

SK hynix faces potential U.S. export restrictions. Media reports indicated Washington may tighten controls on advanced chip equipment shipped to China. The uncertainty spurred a 4.9% sell-off in the Korean memory maker’s U.S. shares.

Western Digital delays flash memory spinoff. The storage giant said regulatory reviews are taking longer than anticipated. Shares fell 4.8% as investors questioned the timing of the separation.

ServiceNow beats estimates on subscription momentum. Strong uptake of AI-driven workflow tools pushed recurring revenue above expectations. The stock jumped 4.4% at the open.

Micron Technology pressured by signs of NAND oversupply. Industry checks pointed to rising inventories that could weigh on pricing in coming quarters. Shares declined 4.0% despite long-term AI demand optimism.

Oracle unveils new AI cloud partnership with NVIDIA. The collaboration expands Oracle’s compute offerings for enterprise generative AI workloads. Investors sent the software giant’s stock up 2.0%.

Marvell Technology trims revenue outlook. Management highlighted softer near-term orders from cloud customers. The guidance cut dragged the chip designer’s shares down 3.9%.

BrightSpring Health Services Inc. secures multi-state Medicaid deal. The agreement is expected to add over $200 million in annual revenue beginning next quarter. Shares advanced 2.1%.

Taiwan Semiconductor Manufacturing sees margin squeeze. Analysts flagged rising depreciation and R&D costs in the foundry’s latest update. The ADR slipped 1.2% in early trading.

United Microelectronics downgraded on valuation concerns. A major brokerage moved the Taiwan-based foundry to “underperform,” citing competitive pressures. The stock fell 4.8%, extending its weekly decline.