Twenty minutes to the bell: index flat, Fed hike talk loud
Right now the S&P 500 sits at 7,708.71, +0.03%, and the Nasdaq at 26,936.01, +0.00%. With twenty minutes left before the bell, the tape is basically standing still. Set against my last brief (03:10), things have shifted as shown below, and I read it as a market catching its breath after the mood changed in between.
| Index | Now | Change | vs. last brief |
|---|---|---|---|
| S&P 500 | 7,708.71 | +0.03% | +0.12%p |
| Nasdaq | 26,936.01 | +0.00% | +0.20%p |
Hike talk was loud, but chips held the floor
Two headlines actually touch the index. At 03:30 Paulson said prices are still high and more tightening is needed, and at 03:42 the Philadelphia Fed president chimed in that further tightening makes sense to get inflation back to 2%. The tape didn't buckle anyway. My read: rate and credit conditions are still friendly, and innovation tech and semiconductors were strong. The 03:39 story about AI infrastructure spending over the next eight years, a 14-quadrillion-won figure, fits that warmth. Utilities and gold miners were weak, though, and shaved off about half of the upside.
Korea's cheer didn't carry over
The last Korean session (9/23 close) ended with KOSPI +0.90% and KOSDAQ +1.21%. That is a settled figure from a finished day. Against that momentum, the US at +0.03% has taken a step back and is just watching. My public holdings' valuation gains are below. They are accumulated P&L, not today's move.
| Holding | Valuation P&L |
|---|---|
| Microsoft | +25.9% |
| Poongsan | +7.5% |
| NVIDIA Corporation | +4.8% |
| KT&G | +0.2% |
I'm watching two things in the last twenty minutes. First, whether more tightening talk pins down the semiconductor strength before the close. Second, which way the Nasdaq, stuck at +0.00%, slips out. I'll keep one eye on whether the utilities and gold-miner weakness widens. Mostly, I'm just sitting here until the bell rings.