[Good Morning Stock Market] US Stocks Close Mixed... "KOSPI Expected to Start Slightly Higher"

With the upcoming release of U.S. economic indicators such as the Personal Consumption Expenditures (PCE) Price Index this week, the U.S. stock market closed mixed in a narrow range, and the KOSPI is expected to start slightly higher on the 28th.

[Image source=UPI Yonhap News]

On the 27th (local time), the Dow Jones Industrial Average at the New York Stock Exchange (NYSE) closed down 96.82 points (0.25%) from the previous session at 38,972.41. The large-cap S&P 500 index rose 8.65 points (0.17%) to 5,078.18, and the tech-heavy Nasdaq index gained 59.05 points (0.37%) to close at 16,035.30.

Seokhwan Kim, a researcher at Mirae Asset Securities, analyzed, "The U.S. stock market, which started lower due to weak major economic indicators early in the session, reversed to a gain in the latter half on news of strong Treasury auctions, political efforts to prevent a government shutdown, and Apple’s expansion of generative artificial intelligence (AI) investments." He added, "In particular, the weak economic indicators raised expectations for a Federal Reserve (Fed) rate cut, leading to gains in mid- and small-cap stocks."

In the S&P 500, all sectors except consumer staples, energy, and healthcare rose. Viking Therapeutics surged over 120% after releasing positive results from obesity treatment clinical trials. Norwegian Cruise Line, a cruise operator, rose 20% following positive earnings, while peers such as Carnival (7.7%) and Royal Caribbean Cruises (3.1%) also showed strong gains. Macy’s, a department store chain that announced plans to close about 150 stores, rose more than 3% from the previous session on earnings that exceeded market expectations. Zoom also rose 8% after reporting better-than-expected results.

The Morgan Stanley Capital International (MSCI) Korea Index Exchange-Traded Fund (ETF) fell 0.9%, while the MSCI Emerging Markets Index ETF rose 0.2%. Eurex KOSPI 200 futures increased by 0.2%. Researcher Kim said, "The KOSPI is expected to start slightly higher," adding, "Attention should be paid to domestic related stocks following reports that Apple may abandon its electric vehicle plans, as this could imply delays in the transition to the electric vehicle industry."

Meanwhile, the New York Non-Deliverable Forward (NDF) 1-month USD/KRW exchange rate stood at 1,330 won, and the won-dollar exchange rate is expected to start 1 won lower on the day.