Samsung Electronics, SK hynix edge lower on Wall Street losses

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The stocks of Samsung Electronics Co. and SK hynix Inc. trade lower in early morning deals Wednesday, tracking overnight losses on Wall Street. Samsung Electronics shares were…

The stocks of Samsung Electronics Co. and SK hynix Inc. trade lower in early morning deals Wednesday, tracking overnight losses on Wall Street.

Samsung Electronics shares were down 0.65 percent at 197,600 won ($147) as of 9:23 a.m. while SK hynix fell 1.16 percent to 1.198 million won.

Citigroup Inc. was among the top selling brokerages for Samsung Electronics while JPMorgan Chase & Co. ranked among the top buyers.

The Dow Jones Industrial Average lost 0.3 percent, the S&P 500 fell 0.38 percent, and the Nasdaq Composite shed 0.74 percent.

Investor sentiment was dampened after U.S. inflation in October came in above market expectations. Federal Reserve Governor Christopher Waller also raised the possibility of a 50-basis-point rate hike, adding to concerns over monetary tightening.

The Philadelphia Semiconductor Index also fell 0.36 percent amid concerns that regulations on the semiconductor industry could tighten following a scandal involving Nvidia Corp. Chief Executive Officer Jensen Huang.

However, U.S. stocks pared loses toward the close as investors viewed a 50-basis-point hike as unlikely. After the closing bell, CoreWeave, a neocloud company, reported third-quarter revenue above market expectations.

According to Reuters, CoreWeave posted revenue of $3.66 billion, exceeding the consensus estimate of $3.56 billion.

The developments appeared to limit losses in major Korean semiconductor stocks, which were still searching for direction in early trading.

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