International oil prices have surpassed $100 per barrel, and a sharp rise in U.S. Treasury yields led to a decline in the New York stock market overnight. However, semiconductor stocks continued to perform well, suggesting that the domestic market on September 10 may attempt to rise, driven by the momentum from U.S. tech stocks.
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 dropped by 0.48% and 0.64%, respectively.
As the U.S. Central Command (CENTCOM) reported the destruction of five Iranian oil tankers, Iran claimed to have retaliated by attacking a U.S. military base in Jordan with ballistic missiles, escalating tensions in the Middle East and dampening investor sentiment.
Oil prices 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, Brent crude surpassed $100, raising concerns about inflation and leading to a decline in the market. The 30-year Treasury yield approaching 5.3% also contributed to the weakening investor sentiment."
In contrast, semiconductor stocks maintained their strength. 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, primarily 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 upper range of the index.
As of 8:22 a.m. on September 10, SK Hynix is up 1.62% in the Next Trade pre-market, while Samsung Electronics has fallen by 0.19%. SK Innovation (3.52%) and SK Square (0.26%) are also showing upward trends.
Han Ji-young, a researcher at Kiwoom Securities, predicted, "The weakness in the U.S. 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 reversal of the previous day's gains."
However, she added, "There remains a possibility of falling below the 7,000-point mark amid heightened volatility due to the simultaneous expiration of futures and options and preemptive caution regarding the August Consumer Price Index (CPI)."
* This article has been translated by AI.
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