Investor sentiment dampened, particularly among major tech stocks, as caution grew over news of Chinese semiconductor firms catching up technologically. In addition, elevated market expectations for major banks' earnings added further pressure, causing the overall stock market to decline.
Major semiconductor stocks declined as news of technological progress by China's CXMT highlighted concerns over intensifying competition in the chip market.
Major U.S. banks reported third-quarter earnings, but their stock prices generally weakened due to elevated market expectations and sluggish underlying metrics.
Stock market losses narrowed slightly after New York Fed President John Williams stated that following one rate hike within the year, no further rate increases would be necessary next year.
Geopolitical tensions in the Middle East escalated as Saudi Arabia launched retaliatory airstrikes against oil facilities controlled by Yemen's Houthi rebels.
Meta shares trended higher following the launch of a new AI model and price target upgrades.
Foreign selling of large-cap semiconductor stocks has intensified due to exchange rate volatility and macroeconomic uncertainty, heightening stock market volatility. However, capital is flowing into semiconductor materials, parts, and equipment stocks with proprietary technologies, reflecting selective investment sentiment within the sector.
The KOSPI index plummeted 5.46% as foreign investors heavily sold large-cap semiconductor stocks amid exchange rate instability and macroeconomic uncertainty.
Ahead of interest rate remarks by key US Fed officials and the release of inflation metrics, the 10-year US Treasury yield stood at 5.21%, easing downward pressure on the stock market.
Commodity prices remained strong, with WTI crude rising to $94.14 per barrel due to Middle East geopolitical tensions and concerns over major mine strikes.
InBody's third-quarter operating profit is projected to increase by 47.8% year-on-year due to rising demand for body composition analyzers driven by expanded prescriptions of GLP-1 obesity treatments.
