Copper and Chips Are Carrying the Afternoon — Nasdaq Picks Up Speed Again

Right now, with about three hours left in the New York session, the S&P 500 is up 0.75% and the Nasdaq up 1.52%. Both indexes stretched their gains further than they had by my last brief, and I'd chalk it up to two things: SK Hynix's news that it's building its first HBM production base in the US gave chips another lift, and the KC Fed president saying rates "aren't exactly restrictive" while admitting inflation stays stubborn didn't seem to spook anyone into pricing in more tightening. That's showing up as copper and minerals plus cybersecurity names running hot while energy and utilities lag behind. Yesterday's mid-1% rally in both the KOSPI and KOSDAQ looks like it carried straight through into today's US session. In my own holdings, Freeport-McMoRan is sitting on a +26.4% unrealized gain and NVIDIA +8.1%, while Duksan Neolux is at -7.4% and Amazon at -10.4% — from here I'm just watching whether this rally holds into the close, and whether tonight's Jackson Hole remarks shake anything loose.