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Daily US Equity Report 2026-07-14 (Tue)

7/13 (Mon): SK hynix crashed in its first full session since listing — Seoul parent -15.4%, its largest one-day drop on record (KOSPI tripped a circuit breaker); US ADR SKHY -9.32%. Memory/semis bloodbath vs energy spiking on the Hormuz escalation; 20D momentum list wiped 8→0.

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US DAILY REPORT

Other markets →Taiwan · China A-shares · Memory/AI

US 07/14　[7/13 (Mon): SK hynix plunged -15.4% in Seoul — worst day on record; global memory chain bloodbath + US-Iran strikes over Hormuz sent oil surging: SKHY -9.32% to $152.35, SNDK -12.63% / APP -12.65% / MRVL -7.75% / MU -4.32%, SMH -4.16%; energy spiked against the tape XOM +4.05% / BP +4.16%, USO +8.36%, CRM +4.84% led software alongside financials; S&P -0.79% to 7,515.34, Nasdaq -1.55% to 25,873.18, Dow -0.26% to 52,498.64; VIX +14.17% to 17.16, breadth weakened to 83:113; 20D list 8→0 names, 5D board 7→1]

Data as of: 2026-07-13 (Mon) US close, actual prints　·　Generated: Taipei 7/14 07:00

🎯 Today's (7/14) Watch Points

One-line summary

7/13 (Mon): SK hynix crashed in its first full session since listing — the memory narrative cooled in a single day — Seoul parent shares -15.4%, the largest one-day drop since its debut (KOSPI fell as much as 9% intraday, tripping a 20-minute circuit breaker — worst since the 2008 financial crisis); US ADR SKHY -9.32% to $152.35; Korea Investment Securities (KIS) cut its Q2 operating-profit estimate to KRW 60.4T (about 8% below the KRW 65T consensus) and trimmed FY2026/27 by 9%/11% — the first time "HBM long-term contracts cap profit upside" has bitten the long-bull narrative. Memory/semis bloodbath across the board: SNDK -12.63% / APP -12.65% / MRVL -7.75% / ARM -7.55% / INTC -6.12% / MU -4.32%, SMH -4.16%. The same day, US-Iran strikes over the Strait of Hormuz escalated and oil surged (USO +8.36%, Brent touched $78.82) = energy stood alone XOM +4.05% / BP +4.16%. The three major indexes were cushioned by energy/defensives: S&P -0.79% to 7,515.34, Nasdaq -1.55%, Dow -0.26%; VIX +14.17% to 17.16, breadth 83:113 weakened; 20D list 8→0 names, 5D board 7→1 (BABA the sole survivor).

Dominant themes

▲ Energy (geopolitical premium) + defensives / enterprise-software idiosyncratic stories　CRM +4.84% (with financials), BP +4.16%, XOM +4.05%, ADP +3.77%, COP +3.49%, TTE +3.45%, NOW +3.30%, CVX +3.29%, PBR +3.23%, BMY +3.06%, PLTR +2.56%, V +2.52%

▼ Memory / semis / high-multiple AI bloodbath across the board　APP -12.65%, SNDK -12.63%, SKHY -9.32%, MRVL -7.75%, ARM -7.55%, ORCL -6.47%, INTC -6.12%, LRCX -5.83%, STX -5.46%, WDC -4.64%, AMAT -4.50%, GEV -4.49%, MU -4.32%, AMD -4.21%

↳ "Small index dip, violent structural shift": SK hynix's profit-estimate cut punctured the near-term memory euphoria; money rotated out of AI semis wholesale within a day, into energy (geopolitical hedge) and defensive cash flows (ADP / V / PGR / three cybersecurity names closed green against the tape). Nasdaq -1.55% vs Dow -0.26% divergence + 83:113 breadth = a classic risk-off rotation day; the 20D/5D momentum lists were nearly wiped clean — momentum structure reset in a single session.

Policy & Flows

Strait of Hormuz crisis escalates　CENTCOM struck dozens of targets in Iran on Sunday (hundreds hit previously); Iran said vessels not using its designated corridor "are not guaranteed safe passage"; daily transits through the strait plunged from 18-22 vessels to 6, though the US Department of Energy said 8.5 million barrels of crude still passed under military escort on Sunday. Brent touched $78.82 (highest since 6/22), WTI near $74; USO +8.36% to 117.79.

SK hynix profit estimates cut　KIS now models Q2 operating profit of KRW 60.4T, about 8% below the KRW 65T consensus; it also trimmed 2026/27 by 9%/11% — rationale: HBM long-term contract pricing caps the pass-through of spot-price spikes to earnings = the gap between the "shortage through 2030+" long-bull narrative and near-term profit realization got priced for the first time.

Today: CPI + bank-earnings double trigger　7/14 (Tue): June CPI (8:30 ET) + JPMorgan / Wells Fargo / Citi / BlackRock kick off earnings season pre-market; oil's +8% single-day move sharply raises the energy-component risk, the 10Y already rose to ~4.61% (+4bp) and DXY 101.28 (+0.30%) = a double test of inflation stickiness + geopolitical premium, volatility prone to amplify; TSMC's 7/16 call becomes the final arbiter of whether the memory/semis correction has overshot.

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🏛 Market Backdrop 7/13 close

SPY S&P 500

$749.17

Day -0.77%

Index 7,515.34 (-0.79%)

QQQ Nasdaq 100

$711.74

Day -1.90%

Composite 25,873.18 (-1.55%)

IWM Russell 2000

$293.48

Day -0.85%

Small/mid caps relatively resilient

SMH Semiconductor ETF

$585.62

Day -4.16%

SK hynix epicenter — broad rout

🌡 Macro Risk Signals 7/13 close · Futu / CNN actuals

VIX / VXN Volatility

VIX 17.16 +14.17%

VXN 27.30 +9.68%

VIX jumped from 15.03 to 17.16 (+14.17%), VXN from 24.89 to 27.30 — a one-day reversal after days of compression; SK hynix's crash + Hormuz escalation + today's CPI brought hedging demand back all at once.

10Y / 2Y Treasury Yields

~4.61%

10Y +4bp, still rising

10Y rose from ~4.57% to ~4.61%: surging oil lifted inflation expectations, and safe-haven bond buying was offset by inflation worries; if the energy component shows up in today's June CPI, rising yields would put secondary pressure on high-multiple growth.

DXY Dollar / WTI Crude

101.28

Dollar day +0.30%

DXY 101.28 (+0.30%)safe-haven flows returned; USO crude ETF +8.36% to 117.79 — US-Iran strikes over Hormuz, Brent touched $78.82 (highest since 6/22), WTI near $74 = geopolitical supply premium detonated in one day.

Fear & Greed Index

~42-45 Fear/Neutral

down from 49 Neutral (est.)

Using the 7/10 official reading of 49 (Neutral) as the base: 7/13 breadth weakened to 83:113 + VIX +14.17% + semis rout → estimated pullback to ~42-45 (neutral-to-fear); sentiment not overheated actually cushions the correction.(estimate, not a real-time official reading)

S&P 500 Valuation

PE ~25.0 (trailing)

Fwd PE ~21.6

Index -0.79% to 7,515.34; forward P/E slipped with price to ~21.6, still above the 10-yr mean of 18.9; rich valuations meeting an oil shock + CPI — Q2 bank earnings starting today are the first earnings checkpoint.(not a real-time official figure)

Nasdaq 100 Valuation

PE ~31.6 (trailing)

Fwd PE ~24.6

QQQ -1.90% led the downside; the multiple compressed from ~32.2 to ~31.6; semis/memory/high-multiple AI (APP / MRVL / ARM) bore the de-rating vs META / defensive software holding up = internal valuation stratification deepened.(not a real-time official figure)

📅 Earnings / Key Events, Next 2 Weeks 7/13 - 7/27

📌 Major Tech / Financial / Consumer Earnings

Done	SKHY ticker effective = first full session since listing (7/13) Seoul parent -15.4%, its largest drop on record; ADR -9.32% to $152.35 (still above the $149 pricing); KIS cut Q2 operating-profit estimates by 8%, and the whole memory complex was dragged down with it.
7/14 (Tue) ⭐⭐	Q2 earnings season opens · big banks kick off ★Today JPMorgan / Wells Fargo / Citi / BlackRock lead pre-market; focus on net interest income, credit quality and consumer resilience — same day as June CPI and the first session after the oil spike, volatility prone to amplify.
7/15 (Wed) ⭐⭐	BofA / Morgan Stanley / Goldman + ASML ASML reports from weakness (20D -9.13%, another -3.97% on 7/13) — the first checkpoint for the equipment long-order narrative after SK hynix's cut; investment-banking trading / IPO momentum is the financial-sector focus.
7/16 (Thu) ⭐⭐⭐	Netflix after hours + TSMC ★most critical of this stretch After SK hynix's downgrade, TSMC's framing of AI capex and leading-edge demand = the final arbiter of whether the memory/semis correction has overshot; a strong capex tone would suggest the 7/13 bloodbath was an overreaction.
7/22 (Wed) ⭐⭐	Tesla Q2 earnings After Q2 deliveries beat and Robotaxi expansion, margins and per-vehicle economics are key; TSLA -3.19% on 7/13 with the tape, 20D -1.1%.

📊 Macro / Policy Events

7/14 (Tue) ⭐⭐	June CPI (8:30 ET) ★Today The most critical inflation print before the FOMC (7/28-29); oil's +8% day sharply raises energy-component and inflation-stickiness risk, and it lands the same day as big-bank earnings = the week's largest single-day event risk.
7/16 (Thu)	June Retail Sales + PPI A test of consumer resilience; with employment cooling, retail data matters even more for the "soft landing vs cooling too fast" read.
7/28-29 (Tue-Wed) ⭐⭐	FOMC rate decision ★late-month centerpiece July rate decision; cooling employment vs post-oil-spike inflation risk sets the tone for H2 — the Hormuz crisis complicates the rate-cut path.
Ongoing watch ⭐⭐	US-Iran Hormuz crisis (escalating) CENTCOM struck dozens of targets Sunday; strait transits 18-22 → 6 vessels; DOE says 8.5M bbl/day still moving under military escort. Who de-escalates first = the key to whether the oil and energy-stock premium persists.
Ongoing watch	TSMC June revenue (out 7/13) + Apple vs OpenAI lawsuit TSMC monthly revenue is the leading indicator ahead of the 7/16 call — the 7/13 tape was dominated by the memory shock and didn't reflect it; Apple's suit alleging OpenAI stole AI-hardware secrets proceeds.

💡 Key Watch Points

📈 Daily Gainers (Top 200 · 1D)

CRM +4.84% (Fin acquisition), BP +4.16%, XOM +4.05%, ADP +3.77%, COP +3.49%, TTE +3.45%, NOW +3.30%, CVX +3.29%, PBR +3.23%, BMY +3.06%, PLTR +2.56%, V +2.52%.
Energy (geopolitical premium) + defensives / enterprise software led — energy was the day's only systematically strong sector; CRM's $3.6B Fin deal rekindled the AI-applications narrative.

📉 Daily Decliners (Top 200 · 1D)

APP -12.65%, SNDK -12.63%, SKHY -9.32%, MRVL -7.75%, ARM -7.55%, ORCL -6.47%, INTC -6.12%, LRCX -5.83%, STX -5.46%, WDC -4.64%, AMAT -4.50%, GEV -4.49%.
Memory / semis / high-multiple AI bloodbath across the board — SK hynix's cut hit the complex, and APP was double-tapped by setbacks in its e-commerce ads push.

🔎 Key Story 1: SK hynix's largest one-day crash on record slams the global memory chain

Seoul parent shares -15.4%, the biggest one-day drop since listing; KOSPI fell as much as 9%, tripping a 20-minute circuit breaker (worst since 2008); KIS cut Q2 operating profit to KRW 60.4T (8% below consensus) and 2026/27 by 9%/11% — core logic: HBM long-term contract pricing caps profit upside. US ADR SKHY -9.32% to $152.35 (down from $168.01 over two sessions since listing, still above the $149 pricing); SNDK -12.63% / STX -5.46% / WDC -4.64% / MU -4.32% all lower = last week's listing rally fully given back.

🔎 Key Story 2: US-Iran strikes over Hormuz — oil surges, energy stands alone

CENTCOM struck Iran on Sunday, hitting dozens of targets (hundreds previously); Iran said ships off its designated corridor "are not guaranteed safe passage"; daily strait transits 18-22 → 6 vessels; DOE says 8.5M bbl still moved Sunday under military escort. Brent touched $78.82 (highest since 6/22), USO +8.36% to 117.79; XOM +4.05% / BP +4.16% / COP +3.49% / CVX +3.29% / PBR +3.23% spiked as a group — energy holds 7 of 8 seats in the 5D momentum reference zone; today's CPI energy-component risk jumps.

🔎 Focus Stocks: SKHY / SNDK / MU / NVDA SK hynix downgrade contagion day · memory-chain stress test

SKHY SK hynix — $152.35 (7/13 -9.32%)Second session since listing

• Seoul parent -15.4%, largest one-day drop on record; KOSPI fell up to 9% intraday, tripping a 20-minute circuit breaker (worst since 2008); the ADR slid from day-one close $168.01 to $152.35, still above the $149 pricing (+2.2%).

• KIS downgrade: Q2 operating-profit estimate KRW 60.4T (about 8% below the 65T consensus), FY2026/27 cut 9%/11% = the "HBM long-term contracts cap profit upside" narrative priced for the first time.

• First reality check after the IPO frenzy (7x oversubscribed, $26.5B raised): the gap between share digestion and profit estimates made it the epicenter of the global memory-chain correction.

SNDK SanDisk — $1,673.97 (7/13 -12.63%)Second-largest decliner of the day

• The pure-play NAND maker takes the brunt of the memory-sentiment reversal — 5D -4.04% / 10D -19.93% / 20D -11.03%, negative across all three windows, falling off the 5D momentum board; last week's "SK hynix halo" gains fully returned in one day.

• YTD still +605%; forward P/E just 8.0: classic high-volatility behavior of a parabolic stock — cheap valuation can't stop momentum money from leaving.

• The NAND spot narrative is unchanged, but SK hynix's cut warns that "contract-price pass-through lags the spot-market imagination"; stay cautious ahead of TSMC's 7/16 framing.

MU Micron — $937.00 (7/13 -4.32%)Probing lower after losing $1,000

• 10D -17.25% / 20D -5.91%: SK hynix's listing siphoned flows + today's downgrade contagion; down about 17% from the late-June high, and probing further after breaking $1,000 at Friday's $979.

• Forward P/E of just 6.3 — the cheapest end of the whole list vs the mean-reversion pressure of +228% YTD — cheap valuation and broken momentum in a head-on tug-of-war.

• Runs all three lines (DRAM/HBM/NAND), most directly exposed to the HBM long-contract narrative; TSMC's 7/16 call = the arbiter of whether the memory correction has overshot.

NVDA Nvidia — $203.53 (7/13 -3.52%)Mega-cap line of defense, relatively resilient

• Market cap $4.93T held the semis mega-cap line; 5D still +4.08%, one of the few AI mega-caps still positive on 5D (SMH -3.09% over the same span).

• 20D -0.65% roughly flat: money exited memory/equipment but hasn't spread to the GPU leader — though -3.52% shows contagion pressure exists.

• Forward P/E 15.9 sits in a historically low band; TSMC's 7/16 AI-capex framing = the next directional catalyst — if strong, mega-cap semis recover first.

🚀 Momentum Picks: 5 NamesSelection logic: momentum × relative valuation, two factors — 5D/10D/20D all strong in sync, and forward P/E within the sector's reasonable band (valuation gate removes the too-expensive); ranked by momentum strength × valuation cheapness; ignores revenue/earnings/story

1META Meta PlatformsSocial/AI ads

5D +9.4%10D +19.4%20D +15.5%Fwd P/E 18.1 ★cheapMkt cap $1.67T

Rises to #1: 5D/10D/20D (9.4/19.4/15.5) aligned across all three windows, strongest 10D on the list; the 7/13 -1.86% was index drag, not momentum damage (far smaller decline than high-multiple peers); Fwd 18.1 at the cheap end of Mag7 = momentum + valuation both intact.

2ANET Arista NetworksNetworking equipment

5D +4.5%10D +14.9%20D +15.8%Fwd P/E 40.7 fairMkt cap $228.1B

Former #1 slips to second: -3.11% on 7/13 with the semis giveback; 5D decelerated from +16.9 to +4.5, but all three windows still aligned and 20D +15.8 is the best in AI hardware; Fwd 40.7 within the networking growth band — off the 20D list but momentum structure not broken.

3SCHW Charles SchwabBrokerage/Fintech

5D +1.8%10D +12.9%20D +15.4%Fwd P/E 13.7 ★cheapMkt cap $178.1B

Stays, rises to third: just -0.72% on 7/13, clearly resilient; the 5D/10D/20D (1.8/12.9/15.4) staircase intact; Fwd 13.7 at the cheap end of the list; a direct beneficiary of the investment-bank/broker earnings season from 7/14.

4ADP Automatic Data ProcessingHR/Payroll services

5D +4.8%10D +12.3%20D +11.2%Fwd P/E 20.6 fairMkt cap $100.4B

New entrant: on 7/13 +3.77% rallied against the tape — defensive cash flow got chased on a risk-off day; 5D/10D/20D (4.8/12.3/11.2) aligned and accelerating; Fwd 20.6 in the fair band; payroll-outsourcing resilience story as employment data cools.

5NOW ServiceNowEnterprise software

5D +3.1%10D +13.1%20D +7.9%Fwd P/E 22.1 fairMkt cap $114.7B

New entrant: on 7/13 +3.30% closed green against the tape; CRM's $3.6B Fin deal drove an enterprise-software re-rating; three windows aligned (3.1/13.1/7.9) + YTD -27% low base; Fwd 22.1 in software's cheap band.

* These "Momentum Picks" use a momentum + relative-valuation two-factor ranking: universe is the top 200 by market cap, requiring 5D/10D/20D aligned positive across all three windows, with each sector's fair forward-P/E range as a valuation gate.Big reshuffle on 7/13: META rises to #1 (10D +19.4 strongest + Fwd 18.1 cheap), ANET slips to second (5D momentum decelerating), SCHW up to third (resilient); ADP / NOW new entrants (counter-tape inflows on a risk-off day, three windows aligned + inside the valuation gate). AMD drops out (5D -3.2 turned negative, windows misaligned), DELL slips to alternate #6 (5D +3.7 / 10D +6.9, momentum fading); HOOD / GEV exited on negative 5D; APP (-12.65%) double-hit on momentum and valuation, no path back.

📋 Full ListTop 200 by market cap · 20D gain > 20% · sorted by 20D

Semis · Memory/CPU Semis · Logic/ASIC/Equipment Software/Cybersecurity Non-tech ｜Green= up on 7/13 Red= down on 7/13 ｜Rank / Streak: ▲▼= rank change vs prior session (7/10 close), ★New= new to the list this period, +N= consecutive sessions on the list (incl. 7/13), Dropped= was listed on 7/10

After the 7/13 close: no stock in the top 200 by market cap has a 20D gain > 20% — the list is rarely empty (8 → 0 names).All 8 names from the prior session (HOOD / GEV / ASX / PANW / AMD / ANET / NET / AMAT) fell below the threshold: the semis rout directly knocked out AMD / AMAT / ANET / NET, while HOOD (19.12%) and PANW (18.16%) missed by a hair; higher bases from the mid-June rally + the 7/13 bloodbath = momentum structure reset in one session. The table below lists the top 10 by 20D for reference (none reach the 20% threshold), with bars scaled to #1 HOOD +19.12% = 100%.

Ticker / Name

Price

Gain (20D)

1D (7/13)

20D

YTD

Fwd P/E

Net income ($100M)

Mkt cap ($100M)

Rank / Streak

HOOD RobinhoodBrokerage/Fintech

109.86

-1.88%

-6.54%

+19.12%

-2.86%

36.0

19 as of 3/31

989

Dropped

PANW Palo AltoCybersecurity

330.30

+1.35%

-7.62%

+18.16%

+79.32%

80.2

8 as of 4/30

2,692

Dropped

PGR ProgressiveP&C insurance

234.48

+1.63%

+1.21%

+15.93%

+2.97%

14.2

116 as of 3/31

1,365

—

ANET Arista NetworksNetworking equipment

181.15

-3.11%

+4.54%

+15.82%

+38.25%

40.7

37 as of 3/31

2,281

Dropped

META Meta PlatformsSocial/AI ads

656.73

-1.86%

+9.40%

+15.53%

-0.51%

18.1

706 as of 3/31

16,671

—

SCHW Charles SchwabBrokerage/Fintech

102.38

-0.72%

+1.75%

+15.42%

+2.47%

13.7

90 as of 3/31

1,781

—

GEV GE VernovaAI power equipment

1,042.60

-4.49%

-9.50%

+14.98%

+59.52%

42.4

94 as of 3/31

2,802

Dropped

SHOP ShopifyE-commerce software

124.74

+1.80%

+3.83%

+12.92%

-22.51%

53.5

13 as of 3/31

1,619

—

V VisaPayment networks

357.75

+2.52%

+0.14%

+12.13%

+2.01%

24.1

220 as of 3/31

6,803

—

NVO Novo NordiskPharma/GLP-1

49.28

-0.40%

+0.04%

+12.10%

-3.14%

15.2

177* as of 3/31

2,181

—

* This table is a reference list (no stock meets the 20D > 20% threshold): Net income ($100M) = trailing four quarters (TTM) combined, in hundreds of millions of USD; "as of M/D" is the company's latest reported quarter-end, updated after the next quarterly report; NVO net income is DKK converted to approximate USD (*). Fwd P/E uses 7/13 close Yahoo actuals; bars scaled to HOOD +19.12% = 100%.

📋 Full List (5D Momentum)Top 200 by market cap · 5D gain > 10% · sorted by 5D

5D board 7 → 1: BABA +14.75% is the sole survivor and rises to #1.All prior-session names (ANET / META / STX / AVGO / NET / DELL) dropped out (META's 5D +9.40% missed the bar by just 0.6pp); China ADRs run on their own axis, unhit by the US AI correction. Only 1 name qualifies, so below we also list the top-9 5D reference zone (energy holds 7 seats) = where money went under the geopolitical premium; bars scaled to BABA +14.75% = 100%.

Ticker / Name

Price

Gain (5D)

20D

1D (7/13)

YTD

Fwd P/E

Net income ($100M)

Mkt cap ($100M)

Rank / Streak

BABA AlibabaChina e-commerce/cloud

112.35

+14.75%

-0.30%

+0.02%

-23.35%

12.4

147* as of 3/31

2,693

▲1+4

PBR PetrobrasEnergy

17.88

+9.96%

-1.97%

+3.23%

+50.89%

4.3

199* as of 3/31

1,152

—

META Meta PlatformsSocial/AI ads

656.73

+9.40%

+15.53%

-1.86%

-0.51%

18.1

706 as of 3/31

16,671

Dropped

BP BPEnergy

40.83

+9.20%

-4.33%

+4.16%

+17.56%

10.4

32 as of 3/31

1,051

—

COP ConocoPhillipsEnergy

112.85

+8.95%

-2.18%

+3.49%

+20.55%

12.6

73 as of 3/31

1,375

—

CVX ChevronEnergy

182.20

+8.39%

-1.95%

+3.29%

+19.55%

14.5

110 as of 3/31

3,629

—

SHEL ShellEnergy

83.98

+7.47%

-2.18%

+2.13%

+14.29%

9.4

188 as of 3/31

2,327

—

TTE TotalEnergiesEnergy

81.21

+6.42%

-7.42%

+3.45%

+24.14%

8.6

151 as of 3/31

1,806

—

XOM ExxonMobilEnergy

144.51

+5.91%

-1.43%

+4.05%

+20.08%

13.6

253 as of 3/31

5,990

—

* Only BABA clears the 5D > 10% bar (rows 2+ are the below-threshold reference zone): Net income ($100M) = trailing four quarters (TTM) combined, in hundreds of millions of USD; "as of M/D" is the latest reported quarter-end, updated after the next quarterly report; BABA net income is RMB and PBR is BRL converted to approximate USD (*). Fwd P/E uses 7/13 close Yahoo actuals; bars scaled to BABA +14.75% = 100%.

🤖 AI Sub-sector Breakdown After 7/13 close · 20D averages

🛡 AI Cybersecurity　20D +12.5%

PANW +18.2, FTNT +10.7, CRWD +8.7. On the day, all green against the tape (FTNT +1.97% / PANW +1.35% / CRWD +0.39%) = money sheltered in defensive security software on the semis-bloodbath day; PANW's 5D -7.6 profit-taking overhang remains.

🖥 AI Servers/Communications　20D +7.7%

ANET +15.8, DELL +9.1, GLW +3.7, APH +2.3. All down on the day (GLW -4.08% / ANET -3.11% / APH -1.93% / DELL -1.81%); ANET's 20D is still the strongest in AI hardware, but every name fell off the 20D list.

🧠 Logic / ASIC / Networking　20D -1.6%

ANET +15.8, TXN +0.5, AVGO -0.4, MRVL -22.5. MRVL sank another -7.75% (second-worst 20D on the whole list); NVDA -3.52% / AVGO -3.98% / TXN -4.14% mega-caps fell together, CSCO -1.70% relatively resilient.

💾 Memory / HDD　20D -4.9%

WDC +5.0, STX -0.9, MU -5.9, SNDK -11.0, INTC -11.8. SK hynix downgrade-contagion day: SNDK -12.63% / SKHY -9.32% / INTC -6.12% / STX -5.46% / WDC -4.64% / MU -4.32% all down = 20D readings that only just turned positive last week flipped negative in a day.

☁️ Software / AI Cloud　20D -5.2%

NOW +7.9, CRM +2.9, PLTR -0.8, APP -7.5, ORCL -28.6. Violent internal divergence: CRM +4.84% (Fin deal) / NOW +3.30% / PLTR +2.56% green against the tape vs APP -12.65% routed; DDOG / SNOW have fallen out of the top 200.

🔧 Semiconductor Equipment　20D -5.5%

AMAT +4.1, KLAC -7.8, LRCX -9.0, ASML -9.1. All hit hard on the day (LRCX -5.83% / AMAT -4.50% / KLAC -4.00% / ASML -3.97%): SK hynix's capex-narrative cooling directly hits the equipment long-order imagination — ASML's 7/15 report is first in the line of fire.

📈 Breadth Snapshot Top 200 by market cap · 7/13 advancers vs decliners

Advancers

~41.5%; concentrated in energy / defensives / idiosyncratic software

Decliners

113

~56.5%; concentrated in semis / memory / AI hardware

A/D ratio / Unchanged

0.73 : 1

4 unchanged; flipped from 116:83, decliners over half

* 7/13 breadth flipped bearish: 83 advancers vs 113 decliners (A/D 0.73:1), a straight reversal from Friday's 116:83 — declines highly concentrated in semis/memory/AI hardware (SMH -4.16%), while gains were held up by energy (geopolitical premium) and defensive cash flows (ADP / V / PGR / cybersecurity) = rotational risk-off, not indiscriminate selling; index damage was limited (S&P -0.79%) but the momentum lists were nearly wiped — internal damage exceeds the surface. Today's CPI + bank earnings decide whether this becomes a trend correction.

🔁 7/10 → 7/13 Change Tracker

Stock	7/10 close (backfilled)	7/13 close	7/13 change	Key change
SKHY SK hynix	$168.01	$152.35	-9.32%	Seoul parent -15.4%, largest drop on record; KOSPI -9% intraday circuit breaker; KIS cut Q2 operating-profit estimate 8%
SNDK SanDisk	$1,915.92	$1,673.97	-12.63%	Day's second-worst decliner: pure-play NAND takes the brunt of the memory-sentiment reversal; momentum negative across all three windows, off the 5D board
APP AppLovin	$506.98	$442.85	-12.65%	Day's worst decliner: e-commerce ads push hit analyst flags + concentrated de-rating of high-multiple AI
MRVL Marvell	$235.81	$217.53	-7.75%	20D -22.5%, second-worst on the list: ASIC/networking chips kept breaking down; AI-capex doubts spreading
ARM Arm	$323.41	$298.99	-7.55%	Semis-IP high-multiple contagion, 20D -12.6%; valuation compression spilling over from the SK hynix chain
ORCL Oracle	$140.64	$131.54	-6.47%	20D -28.6%, weakest on the list, touching the 52-week low $132 mark: cloud-growth durability doubts unresolved
INTC Intel	$109.84	$103.12	-6.12%	Memory/foundry narratives both hurt: 5D -15.6%, 20D -11.8%, breakdown accelerating
MU Micron	$979.30	$937.00	-4.32%	Probing lower after losing $1,000: 10D -17.3%; cheap Fwd P/E 6.3 vs broken momentum in a tug-of-war — awaiting TSMC's 7/16 verdict
NVDA Nvidia	$210.96	$203.53	-3.52%	Mega-cap defense line relatively resilient: 5D still +4.1%, the only AI mega-cap positive on 5D; 20D -0.7% near flat
CRM Salesforce	$163.32	$171.22	+4.84%	Day's top gainer: the $3.6B Fin deal rekindled the AI-applications narrative, pulling NOW +3.30% and enterprise software against the tape
XOM ExxonMobil	$138.89	$144.51	+4.05%	Hormuz geopolitical premium detonated: energy spiked across the board (BP +4.16% / COP +3.49% / CVX +3.29%)
BABA Alibaba	$112.33	$112.35	+0.02%	Sole survivor on the 5D board (+14.75%, rises to #1, 4th day listed): the China axis decoupled from the US AI correction

* The 7/10→7/13 storyline: "SK hynix's profit-estimate cut detonated a full memory/semis giveback + energy stood alone under the Hormuz oil shock": SKHY -9.32% in its second session, SNDK / APP both -12.6%, SMH -4.16%; on the flip side CRM's M&A story and energy (XOM / BP / COP / CVX) spiked against the tape; breadth reversed from 116:83 to 83:113. Prior-day close backfilled = 7/13 close ÷ (1 + 7/13 %chg).

📝 Summary Core conclusions after the 7/13 close

① Market structure: "small index dip, violent structural shift" — S&P -0.79% to 7,515.34, Nasdaq -1.55% to 25,873.18, Dow -0.26% to 52,498.64 (cushioned by energy/defensives); SMH -4.16%, VIX +14.17% to 17.16, VXN +9.68% to 27.30; breadth reversed from 116:83 to 83:113 = money exited AI semis at scale in a single day; 20D list 8→0, 5D board 7→1 — momentum structure reset in one session.

② Theme 1: SK hynix's cut — the memory narrative's first reality check: Seoul -15.4%, largest drop on record (KOSPI -9% intraday circuit breaker), SKHY -9.32% to $152.35; KIS models Q2 operating profit KRW 60.4T (8% below consensus) + 2026/27 cut 9%/11% — a head-on collision between "HBM long-term contracts cap profit upside" and the "shortage through 2030+" long-bull narrative; SNDK -12.63% / MU -4.32% / WDC -4.64% / STX -5.46% all down — last week's listing rally fully given back.

③ Theme 2: Hormuz oil shock — energy the only systematic strength: US-Iran strikes escalated; strait transits 18-22 → 6 vessels; Brent touched $78.82, USO +8.36%; XOM / BP / COP / CVX / PBR / TTE / SHEL all spiked (energy holds 7 of the top-9 5D seats) = geopolitical premium repriced in a day; 10Y up to ~4.61%, today's CPI energy-component risk jumps.

④ Theme 3: counter-tape accumulation within the risk-off: CRM +4.84% ($3.6B Fin deal) drove a NOW +3.30% enterprise-software re-rating; ADP +3.77% / V +2.52% / PGR +1.63% defensive cash flows got chased; all three cybersecurity names (PANW / FTNT / CRWD) closed green = rotational risk-off, not indiscriminate selling — internal bid remains, panic not out of control.

⑤ List changes: the 20D list rarely wiped clean, 8→0 (HOOD 19.12% closest to the bar); 5D board 7→1 (BABA +14.75% sole survivor); momentum picks reshuffled — META to #1, ADP / NOW in, AMD out, DELL to alternate; sub-sector 20D averages: memory flipped from +11.9 to -4.9, equipment from +10.5 to -5.5 = four of six sub-sectors negative; only cybersecurity (+12.5) and AI servers (+7.7) retain positive momentum.

⑥ Conclusion & this week's playbook: today's 7/14 CPI + big-bank kickoff is checkpoint one (energy-component upside risk after oil's +8% day); TSMC on 7/16 is the final arbiter of whether the memory/semis correction has overshot. Tactically: momentum books were forcibly reset — pause chasing high momentum; the energy geopolitical premium is mostly pulse-like — beware fading after spikes; use TSMC 7/16 as the add/trim line for memory longs; SNDK / MU cheap valuations (Fwd 8.0 / 6.3) are medium-term ballast but let the dust settle near term; transition-period core = defensive cash flows (ADP / V / SCHW) + cheap Mag7 (META Fwd 18.1); always set stops on high-momentum names.

Sources: Yahoo Finance (top-200 market-cap screen + chart-derived 1D/5D/10D/20D, indexes / ETFs / risk gauges / Fwd P/E / net income; cross-checked against Futu Top 200 page-1), CNN Fear & Greed Index (7/10 official reading of 49 as base; 7/13 estimated), CNBC / The Motley Fool / 24/7 Wall St / Al Jazeera / Bloomberg / Investing.com / TechTimes (SK hynix crash and KIS downgrade, Hormuz crisis, CRM-Fin deal, APP rout, earnings calendar).
This report is for reference only and does not constitute investment advice. All percentages are Yahoo/Futu actuals; P/E and F&G are non-real-time estimates; BABA net income is RMB, PBR is BRL and NVO is DKK converted to approximate USD; SKHY is the SK hynix ADR.
DAILY US EQUITY · 2026-07-13 (US close 7/13)

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