SK Hynix Inc. (NASDAQ: SKHY) stock declined on Thursday as market participants engaged in profit-taking following a 7% surge during Wednesday's trading session, alongside broader macroeconomic pressures.
Nasdaq futures down 0.37% while S&P 500 futures have gained 0.04%.
Oil prices reached May highs, with Brent crude exceeding $102 per barrel and crude rising above $97 amid the ongoing U.S.-Iran conflict. Iran indicated readiness for intensified conflict, while President Donald Trump predicted the war would extend past the November midterm elections, according to Trading Economics.
In other macro-economic pressures, Trump pledged a $5,000 “Trump dividend” to citizens if the GOP retains Congressional control and proposed renaming the Strait of Hormuz to “Trump Strait.”
Economist Peter Schiff cautioned that delayed geopolitical resolutions will drive interest rates and oil prices higher.
Memory Market Dynamics
SK Hynix previously saw upward momentum driven by demand for artificial intelligence memory chips.
In a report published by the Financial Times on Friday, Dan Kim, chief strategy officer at TechInsights, rated memory-market conditions an eight out of 10 for “craziness,” expecting it to reach 10 through at least late 2027.
TechInsights projects dynamic random-access memory (DRAM) prices to rise over 200% year-over-year.
Technical Analysis
Even with the premarket dip, SKHY is still in an intermediate uptrend: at $191.75, it's trading 15.6% above its 20-day SMA of $165.34 (and also above the 20-day EMA at $166.54), which tells you the recent advance has been steep. When a stock is stretched that far above short-term trend, it often becomes more sensitive to any wobble in Nasdaq futures.
Key turning points also frame the setup: the stock put in a swing low in July, then pushed to a swing high in August, and later tagged a 52-week high in September at $199.87.
- Key Resistance: $199.87 — the 52-week high zone from September that marks the ceiling bulls need to reclaim
- Key Support: $165.34 — the 20-day SMA area that often acts as the first trend support in a fast upmove
SKHY Stock Price Activity: SK Hynix shares were down 3.54% at $191.60 during premarket trading on Thursday, according to market data.
