U.S. technology stocks are expected to gain momentum in the domestic market, buoyed by strong performances from Nvidia and Salesforce. However, as much of the positive news from Nvidia has already been priced in, and with rising U.S. long-term interest rates and international oil prices, the KOSPI may not surge past the 7000 mark immediately, leading to potential sector differentiation.
On the night of the 27th (local time), the New York Stock Exchange rose, driven by the robust earnings of Nvidia and Salesforce. The Nasdaq Composite Index closed up 411.16 points (1.57%) at 26,541.35. The S&P 500 gained 55.29 points (0.72%) to finish at 7,730.99, while the Dow Jones Industrial Average rose 105.56 points (0.20%) to close at 53,569.44.
The yield on U.S. 10-year Treasury bonds remains high at 4.67%, while the 30-year yield stands at 5.19%. International oil prices have also increased, with WTI reaching $83.60 per barrel due to delays in U.S.-Iran negotiations.
Nvidia was the primary driver of the stock market's rise, projecting a 70% revenue growth rate for the 2028 fiscal year, significantly exceeding the market expectation of 44%. The announcement of a partnership to supply 2 million GPUs to Amazon Web Services (AWS) alleviated concerns about a slowdown in AI investment, leading to an 8.74% surge in its stock price.
Salesforce also saw a 22.58% increase, as its results confirmed that AI is enhancing contracts and usage rather than replacing existing software, improving investor sentiment across the AI-related software sector.
In the domestic market, semiconductor stocks are expected to be the primary beneficiaries. Nvidia's optimistic growth outlook may heighten expectations for the HBM supply chain. On the previous night, SK Hynix's American Depositary Receipts (ADRs) rose by 2.27%, and the Philadelphia Semiconductor Index increased by 2.33%.
However, not all U.S. semiconductor stocks mirrored Nvidia's strong performance. Micron fell by 0.32%, and SanDisk dropped by 0.96%. Concerns have emerged that rising memory and component prices, as indicated in Nvidia's earnings report, could pressure the profitability of hardware companies in servers and PCs.
The key to further gains in the domestic market hinges on the KOSPI's ability to settle above the 7000 mark. Han Ji-young, a researcher at Kiwoom Securities, stated, "Beyond today's stock movements, what we need to focus on regarding the KOSPI's direction is whether it can break through and settle above the 7000-point mark, which has been challenged multiple times in August."
Valuations and earnings forecasts remain favorable. As of the 27th, the consensus for KOSPI's operating profit for 2026 and 2027 has been revised upward to 989.7 trillion won and 1,314.3 trillion won, respectively, compared to the end of July. Volatility has also decreased, with the VKOSPI falling from the 84-point range at the end of July to the 53-point range.
However, the domestic market may see limited gains today due to profit-taking following the previous day's surge and caution ahead of the Jackson Hole meeting. While a rising trend continues in semiconductors, it will be important to observe whether buying interest spreads to related sectors such as software and AI infrastructure.
In the domestic pre-market, mixed signals are emerging from U.S. developments. Samsung Electronics and SK Hynix are showing declines of 0.94% and 0.92%, respectively. One analyst noted, "Today, the domestic market is likely to exhibit a cautious stance, reflecting the strong performance of the Nasdaq and the Philadelphia Semiconductor Index driven by Nvidia and Salesforce, while also considering the pre-priced perception and the anticipation of Chairman Kevin Warsh's speech at Jackson Hole, leading to sector differentiation."
* This article has been translated by AI.
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