[Good Morning Stock Market] US Stocks Mixed Ahead of CPI, KOSPI Expected to Start Slightly Higher

The U.S. stock market closed mixed ahead of the April Consumer Price Index (CPI) announcement. The domestic stock market is expected to start slightly higher.

[Image source=Yonhap News]

On the 13th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 81.33 points (0.21%) from the previous trading day to close at 39,431.51. The large-cap S&P 500 index dropped 1.26 points (0.02%) to 5,221.42, while the tech-heavy Nasdaq index rose 47.37 points (0.29%) to close at 16,388.24.

Last night, the U.S. stock market showed a cautious stance ahead of the release of key inflation data, including the April CPI. Notably, the New York Federal Reserve's April Survey of Consumer Expectations (SCE) showed that U.S. consumers' inflation expectations for one year ahead reached 3.3%, the highest since November last year, resulting in a mixed close. Price expectations for major items generally increased this year, and the housing price growth rate hit 3.3%, the highest since July 2022.

Among individual stocks, some meme stocks surged, with AMC Entertainment rising 78% and GameStop up 74%. Apple gained 1.8% on news that it is preparing to start selling Vision Pro outside the U.S. and expectations that it will unveil its artificial intelligence (AI) strategy at the Worldwide Developers Conference on the 10th of next month. ARM Holdings rose 7.7% on news that it could launch its self-designed AI semiconductor in 2025.

The Morgan Stanley Capital International (MSCI) Korea Index Exchange-Traded Fund (ETF) rose 0.2%, and the Emerging Markets Index ETF increased by 0.8%. Eurex KOSPI 200 futures rose 0.1%. Considering this, the KOSPI is expected to start slightly higher today.

The domestic stock market is expected to be cautious about position reductions ahead of the market holiday on the 15th. Kim Seok-hwan, a researcher at Mirae Asset Securities, explained, "It is necessary to pay attention to the risk-asset avoidance demand possibility due to U.S. inflation data and the expansion of trade tariffs on China."

Han Ji-young, a researcher at Kiwoom Securities, said, "Stock prices are expected to remain stagnant due to caution over the U.S. April CPI," adding, "However, the strong performance of Tesla shares following the news of a reduction in installment interest rates for the Model Y could improve the supply and demand conditions for the domestic secondary battery sector."

On this day, the one-month non-deliverable forward (NDF) won-dollar exchange rate in New York was 1,365 won, and reflecting this, the won-dollar exchange rate is expected to start 4 won lower.