International oil prices have surpassed $100 per barrel, and a surge in U.S. Treasury yields led to a broad decline in the New York stock market overnight. However, with semiconductor stocks remaining strong, attention turns to whether the domestic market can maintain its position above 7000 on September 10.
On September 9, the Dow Jones Industrial Average fell by 0.77% on the New York Stock Exchange, while the S&P 500 and Nasdaq Composite indices dropped by 0.48% and 0.64%, respectively.
The U.S. Central Command (CENTCOM) reported the destruction of five Iranian oil tankers, prompting Iran to claim it retaliated by attacking a U.S. military base in Jordan with ballistic missiles, escalating tensions in the Middle East. This situation has dampened investor sentiment.
Oil prices also surged, with November Brent crude rising by $3.29 (3.36%) to close at $101.21 per barrel. This marks the first time Brent crude has closed above $100 since July 23.
The rise in oil prices has reignited concerns about inflation, increasing vigilance regarding the U.S. Federal Reserve's monetary policy. U.S. Treasury yields also rose, with the 10-year Treasury yield surpassing 4.85%, reaching its highest level since November 2023.
Seo Sang-young, a researcher at Mirae Asset Securities, stated, "As tensions in the Middle East escalated, the U.S. stock market opened lower with Brent crude exceeding $100, raising concerns about inflation. The 30-year Treasury yield approaching 5.3% also contributed to the decline in investor sentiment."
In contrast, semiconductor stocks continued to perform well. The Philadelphia Semiconductor Index rose by 0.37%, marking its fifth consecutive day of gains, while SK Hynix's American Depositary Receipts (ADRs) surged by 7.05%.
On this day, the domestic market is expected to experience upward pressure, driven by the strength of U.S. tech and semiconductor stocks. However, the ongoing rise in international oil prices and U.S. Treasury yields may limit the index's upside potential.
In the pre-market session, as of 8:22 a.m., SK Hynix was up 1.62%, while Samsung Electronics saw a slight decline of 0.19%. SK Innovation (3.52%) and SK Square (0.26%) also showed gains.
Han Ji-young, a researcher at Kiwoom Securities, predicted, "The weakness in the U.S. stock market due to rising oil prices and long-term Treasury yields, along with volatility from the simultaneous expiration of domestic futures and options, will likely lead to a partial retracement of the previous day's gains."
He added, "Given the simultaneous expiration of futures and options and preemptive caution regarding the August Consumer Price Index (CPI), there remains a possibility of dipping below 7000 points again amid increasing volatility."
* This article has been translated by AI.
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