Market Update
On Monday morning, the Nasdaq Composite fell 0.7%, spurred by significant losses in semiconductor stocks, following a 5.5% drop in Korea’s KOSPI index that triggered trading halts. U.S.-listed shares of SK Hynix dropped 8.4%, while competitors like Micron Technology fell 4.3%, contributing to widespread declines in tech stocks. In contrast, the Dow Jones Industrial Average saw a more moderate loss of 0.2%.
As markets brace for earnings season, major banks including JPMorgan Chase, Bank of America, and Goldman Sachs are set to report results this week, which could either clarify or complicate the current market uncertainty. Oil prices have risen over 3% amid stalled negotiations in the Strait of Hormuz, where tensions have risen following a ceasefire collapse.
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