Memory Chip Sector Plunges Intraday, Micron Down 4.37%, SanDisk Falls 4.09%
Complete. Here is the key summaryDuring the intraday session on July 31, the memory chip sector retreated broadly. Micron Technology dropped over 4% to $836.41, while SanDisk fell nearly 4.1% to $1,227.53. Western Digital and Seagate Technology also declined amid weak sentiment.
During the intraday session on July 31, the US memory chip sector faced significant selling pressure, with mainstream stocks declining across the board. As of press time, sector leader Micron Technology (MU.US) showed notable weakness, trading down 4.37% from the previous close at $836.41. The stock experienced severe intraday volatility, hitting a high of $930.88 and a low of $818.00, with turnover reaching $40.49 billion, indicating substantial divergence in capital flow.
Another key weight, SanDisk (SNDK.US), also performed poorly, trading at $1,227.53, a decline of 4.09%. Its intraday low touched $1,187.26, while volume surged to 19.2 million shares, with turnover approximating $24.36 billion. Hard drive manufacturers Western Digital (WDC.US) and Seagate Technology (STX.US) were not spared, falling 2.74% and 0.65% to $547.77 and $860.13, respectively. MRAM.US edged lower by 1.44% to $14.67 during the session.
On the derivative front, related ETFs and leveraged products followed the underlying stocks in a sharp correction. MUU.US extended its losses to 9.14%, trading at $24.50, while MUD.US dropped 4.34% to $12.19. SNXX.US and SNDQ.US exhibited even more dramatic moves; the former plunged 21.54% to $9.56, while the latter bucked the trend with an 8.95% gain to $31.51, highlighting the amplification effect of leveraged and inverse products in extreme market conditions. Overall, bearish sentiment dominated the memory chip sector today, and investors should remain wary of short-term volatility risks.