Oil Tops $100, Rattles the Open — Chips Hold the Line

Right now the S&P 500 sits at 7,595.78, down 0.53%, and the Nasdaq's at 26,068.33, down 0.70%, right out of the gate. That's a bit worse than my 4:40am check — S&P down another 0.12 percentage points, Nasdaq another 0.07 — and I'm chalking it up to oil breaking $100 overnight plus producer prices jumping 5.4% year-over-year, which pushed the 10-year yield through 4.9%. Yesterday's (9/10) Korean session saw the KOSPI slip 0.25% while the KOSDAQ alone climbed 0.79% — today's US action is splitting the other way, chips and clean energy holding up while fintech and materials take the hit. My own book shows Samsung Electronics up 7.0% and Poongsan up 10.0% on paper, with Duksan Neolux down 7.8% and KT&G down 2.9%, unchanged from where they stood. Between now and the close, I'm watching whether this inflation pressure keeps building ahead of tomorrow's consumer price data and next week's Fed meeting.