12:40 ET, and the Nasdaq Is Leaning Lower Again at -1.24%

Right now the S&P 500 sits at 7,661.22, down 0.67%, and the Nasdaq at 26,096.58, down 1.24%. Against the 00:10 brief, the S&P 500 moved +0.11%p and the Nasdaq +0.04%p, so the slide hasn't deepened. It's just settling in lower down. On days like this, I don't reach for the keyboard first.

The weak spot is AI, and the shields are staples and healthcare

The news spelled out the reason for the soft open. Worries about AI spending flared up again and all three indexes opened lower, while Nasdaq 100 futures were off 1.78% and S&P 500 futures 0.98%. By sector, AI and semiconductors are soft while consumer staples and healthcare hold up, which explains why the Nasdaq hurts more than the S&P 500. Meta's 26% revenue jump being dimmed by a 13 trillion won settlement, I read as a bit of oil on that same fire.

The dollar index and the won rate are both lower, so FX is friendly. This feels less like a rough tape and more like a quiet press downward.

Seoul took the hit first, and that story is already closed

The last Korean session (10/22 close) ended with the KOSPI at -3.52% and the KOSDAQ at -3.62%. Those are settled figures. Today's US session inherits that weakness, though the drop is far shallower than Seoul's. In my open book, Microsoft is at +32.9%, with HD Korea Shipbuilding at -8.2%, Shinhan Financial at -3.4% and NVIDIA Corporation at -0.1%. That's unrealized P&L, not today's move.

There are 3 hours 20 minutes to the close. I'm watching whether the Nasdaq widens from around -1.24%, or whether the futures drop narrows instead of spreading into cash. Whether staples and healthcare keep their defense this afternoon, and where the AI and chip weakness stops, will shape today's close.