The Korean Stock Market Just Crashed Sunday Night But the Nasdaq Is Rising on Monday - 24/7 Wall St.
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The Korean Stock Market Just Crashed Sunday Night But the Nasdaq Is Rising on Monday
By
Eric Bleeker
Updated Jun 8, 12:09PM EDT<br>·<br>Published Jun 8, 12:09AM EDT
Quick Read
South Korea's KOSPI tripped circuit breakers and shed 15% this week, pulling EWY down 15% and putting QQQ's pre-market open on watch.
NVDA and AVGO together hold roughly 15% of QQQ and both depend on Korean memory supply chains now rattled by the KOSPI collapse.
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South Korea’s KOSPI tripped circuit breakers in early Monday local trading and is down roughly 7.25% as of 10:45 p.m. ET, an abrupt break in what had been the top-performing major market in the world this year. The question now: does the contagion hit the Nasdaq when New York opens?
What’s Happening in Overnight Trading
The setup is brutal. The KOSPI is still up roughly 75% year-to-date but has shed about 15% since last Tuesday, and the index is dominated by memory-chip giants Samsung and SK Hynix. The iShares MSCI South Korea ETF (NYSEARCA:EWY), the cleanest US-listed proxy, already tumbled 7.7% Friday after Broadcom issued a lower-than-expected AI semiconductor revenue forecast, and is down 14.89% over the past week.
US futures are mixed and unsettled. Nasdaq futures sit up about 0.16% as of 9:45 p.m. ET, while S&P 500 and Dow futures are red, with reports that Iran fired missiles at Israel compounding the pressure. In a Financial Times interview Sunday night, President Trump said of Israeli PM Benjamin Netanyahu: "I call the shots. I call the shots. He doesn’t call the shots," and said Israel would have to accept a ceasefire. Geopolitical uncertainty is compounding the uncertainty that built on Friday after Treasury yields spiked.
Stocks to Watch Tomorrow
The contagion pathway runs straight through the Invesco QQQ Trust (NASDAQ:QQQ). Top holdings NVDA (9.74%), MSFT (8.63%), AAPL (7.95%) and AVGO (5.57%) all depend on Korean memory supply. NVIDIA (Nasdaq: NVDA) CEO Jensen Huang is currently in South Korea and signed a major deal with SK Hynix over the weekend. He hasn’t been outwardly bothered by the sell-off. He said today, "Everybody should be very excited, they can now buy stock at a cheaper price."
Update 1: Futures at Midnight
U.S. futures are holding in overnight. As of midnight, the Nasdaq is up about .66% while S&P 5000 futures are up .22%. On platforms with 24-hour trading, NVIDIA is up 1.2% overnight while Micron is up 4%. Expect volatility before U.S. markets open tomorrow, but it should be noted the KOSPI continues to rebound. Shares of the Nikkei 225 are down 3.78% headed into the afternoon session.
Update 2: Morning Futures at 8 a.m.
As of 8 a.m. ET, Nasdaq futures are now solidly in the green, up 1.25%. S&P 500 futures are also up .66%. Trump continues to insist negotiations are ongoing with Iran, but continuing reports point to Israel bombing petrochemical facilities inside Iran.
Shares of NVIDIA are up 2.25% in premarket trading. Stocks that dropped a substantial amount on Friday are the biggest movers. Marvell Technology shares are up 8.6% after it was announced on Friday the company would be added to the S&P 500. Micron shares are up 6.9% in premarket trading.
Update 3: Nasdaq Gains Holding into Afternoon Trading
As of 12:05 p.m. ET, the Nasdaq is up 1.5% while the S&P 500 is up .71% and the Dow Jones is up .20%.
The Information Technology sector is up 2.46% followed by the Energy sector which is up 1.16%. The worst performing sectors are Communications Services (Down 1.22%) and Utilities (Down 1.15%). Marvell (Nasdaq: MRVL) has regained a large amount of Friday’s losses. Shares of the stock are up 13.7%. Other winners include Intel (up 12.8%) and Micron (up 10.7%).
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About the Author
Eric Bleeker, CFA →
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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