Memory Chip Stocks Slide as SK Hynix Leads Selloff Despite JPMorgan Bullish Call

Key Facts

1SK Hynix shares fell 5% to $189.47 despite JPMorgan initiating coverage with an Overweight rating.

2JPMorgan set a price target of $245 for SK Hynix shares.

Amid escalating macroeconomic pressures from rising interest rates and oil prices, the semiconductor sector experienced a broad selloff affecting major memory chip manufacturers. SK Hynix shares dropped 5% to $189.47, despite JPMorgan initiating coverage with an Overweight rating. The bank set a price target of $245 for the stock, but this bullish sentiment was overshadowed by sector-wide declines that also impacted Micron and Western Digital.

This price action reflects a sharp disconnect between analyst valuations and market reality, as concerns over energy costs and financing overshadowed positive industry outlooks. Per market data, MU closed at $1027.77 and WDC at $482.28 as of September 9, 2026. In the banking sector, JPM closed at $354.71, while peers such as BAC and C traded at $62.67 and $137.81 respectively, according to the same closing data.

Traders are monitoring support levels for tech stocks after SKHY hit a day low of $187.53 on September 9, 2026. With no immediate sector-specific catalysts in the upcoming calendar, focus remains on broader economic indicators; recent data showed the US unemployment rate holding at 4.1% with 162k non-farm payrolls added, complicating the monetary landscape for Fed Chair Kevin Warsh.