Pinned down by oil, the drop got a little deeper with 20 minutes left
Right now the S&P 500 sits at 7,627.01, down 0.48%, and the Nasdaq at 25,962.35, down 0.18%. Against the 03:10 brief, the S&P 500 is another 0.09%p lower and the Nasdaq 0.17%p lower. With 20 minutes to the close, the floor has been sinking quietly all afternoon.
| Index | Level | Change | vs. previous brief |
|---|---|---|---|
| S&P 500 | 7,627.01 | -0.48% | -0.09%p |
| Nasdaq | 25,962.35 | -0.18% | -0.17%p |
Oil pushed yields up, and even gold gave way
The news since then did most of the damage. Crude surged and Treasury yields bounced, and Wall Street turned cautious, with the Dow reported down 1.1%. Higher oil stirs inflation worries, and inflation worries make people wonder whether the Fed hikes again. What caught my eye is that gold slipped below $4,000 even in a risk-off tape. I read that as: nowhere comfortable left to hide.
Still, the market didn't fall in one piece. Cybersecurity and cloud held strong, while copper/minerals and EV batteries sagged. I think that split is part of why the Nasdaq stayed at -0.18%. The won sits at 1,325.59 per dollar (+0.12%) and the dollar index at 101.61 (-0.17%), so currencies weren't making much noise.
The Korean session that already ended (10/23 close) was KOSPI +0.30% and KOSDAQ -1.62%. I'll only note that KOSDAQ's heavy tone resembles today's US weakness in copper/minerals and EV batteries. My disclosed holdings stand at Poongsan -17.4%, KT&G +8.7%, Orion -8.3% and Coca-Cola Co +6.4% in valuation P&L. That's accumulated, not today's move.
Over the last 20 minutes I'm watching two things. One is whether oil and Treasury yields keep running or catch their breath, the other is whether the S&P 500's -0.48% widens into the closing auction. I'll also see if the cybersecurity and cloud support lasts to the bell.