U.S. Storage Chip Stocks Tumble Over 7% Today; Micron, SK Hynix Fall to New Lows

U.S. storage chip stocks declined sharply on July 27, with the sector index down over 7%. SanDisk fell 9.2%, Teradyne dropped 5.2%, Western Digital declined 5%, Seagate fell 4.4%, Micron slipped 4.3%, and Rambus fell 4.3%.

SK Hynix ADRs extended losses to 6%, trading at $145.44 per share and marking an all-time low with a market capitalization of $1.06 trillion. The Philadelphia Semiconductor Index also declined over 3.7%.