A step higher by lunchtime, with rate worries still on my back
The S&P 500 is at 7,740.36 right now, up +0.47%, and the Nasdaq sits at 27,080.40, up +0.52%. Against my previous brief, the S&P 500 has climbed another +0.25%p and the Nasdaq +0.24%p. The cautious shuffle from the morning has turned into a proper stride by lunchtime.
| Index | Now | Change | vs. previous brief |
|---|---|---|---|
| S&P 500 | 7,740.36 | +0.47% | +0.25%p |
| Nasdaq | 27,080.40 | +0.52% | +0.24%p |
The worry lived in the headlines, less so in the quotes
I read this rise mostly through sectors. Semiconductors and quantum computing are strong on the U.S. tape while energy and utilities sag, which is why the Nasdaq is edging ahead of the S&P 500. The news pointed the other way: a report said surging U.S. Treasury yields are pressing crypto, and BofA warned that "the market looks like 2022." Yet the indexes are higher than they were last time I wrote, so the worry seems to be louder in print than in prices.
Korea is shut today for Chuseok. The last Korean session (the 9/23 close) ended with the KOSPI at +0.90% and the KOSDAQ at +1.21%. That one is a finished, settled number, and the U.S. chip strength looks like it is carrying that warmth forward, though with Seoul closed there's no echo to confirm it. The won is at 1,362.50 per dollar (+0.90%) and the dollar index is 101.29 (+0.19%). For my public holdings I only note the mark-to-market: Poongsan +7.5%, KT&G +0.2%, HD Hyundai Electric -9.3%, Orion -9.2%. Those aren't today's moves.
Three hours twenty to the close, two things I'm watching
First, whether the yield headlines sap the chip-led strength and hand back the +0.47%, or whether the gain holds. The gap between the Nasdaq's +0.52% and the S&P 500's +0.47% is my gauge for that strength, widening or narrowing. Second, where the dollar index at 101.29 and the won at 1,362.50 finally stop. I'll keep watching and keep the notes.