Nasdaq Frowns While the Won Smiles at the Open

A little over ten minutes into the open, the S&P 500 sits at 7,704.31, down -0.50%, and the Nasdaq's at 26,916.97, down -0.56%. The thing is, this isn't just another dip — the direction flipped hard. Versus the last 04:40 brief, the S&P 500 has slid -0.95%p and the Nasdaq -0.99%p, meaning the mood turned inside out in under two hours.

Oil and yields moved first, the indexes followed

Just as the preview piece flagged, Middle East tension pushed oil and yields up first, and that spilled straight into the pre-market movers. Nvidia and Exxon Mobil went up while Meta, Newmont, and Marvell went down — and right now the sector split matches: tech and AI strong, gold miners and cybersecurity weak. I'm just watching this split play out, not picking a side, just tracking which one's getting the momentum.

Given that the Sep 28 Kospi close got hit -2.70%, with the Kosdaq barely holding at +0.25%, today's US decline reads like a continuation of that same drag. Yet the FX and commodities line is described as friendly, so it feels like a calm market where only the indexes are the ones slipping.

There's still 6 hours and 20 minutes to the close. I'm not buying or selling anything new today — just sitting with my unrealized P&L sheet as is: Poongsan +7.9%, KT&G +0.1%, Orion -8.4%, HD Hyundai Electric -11.8%. Whether oil and yields cool off, and whether the tech/AI strength holds through the afternoon, are what I'm watching for the rest of the session.