Global Stock Market Trends — 2026-04-29

Global Indices at a Glance

Based on market closes for April 28-29. U.S. indices reflect April 28 (Tue) close or the most recent data available as of KST. Please verify figures via Yahoo Finance.

🇰🇷 Korean Market

KOSPI / KOSDAQ Summary

On April 29, the KOSPI remained slightly weak, hovering around the 6,640 mark. Although it briefly dipped toward 6,500 early in the session, buying from individual and institutional investors offset foreign selling, helping the index reclaim and support the 6,600 level. On April 28, SK Hynix reclaimed the 1.3 million won range, supported by individual buying (worth 268.5 billion won), reaching an intraday record high of 6,672.32. The KOSDAQ also held near the 1,200 mark, continuing its AI and semiconductor-led strength.

Flow Trends (April 29 intraday)

• Foreigners: Continued net selling
• Institutions: Net buying (defensive)
• Individuals: Net buying (approx. 268.5 billion won as of April 28)

Key Sectors & Stocks

• SK Hynix: Reclaimed 1.3 million won range; strong individual buying driven by AI memory demand expectations; hit intraday record high.
• Semiconductor/AI Sector: Generally strong; domestic brokerage firms have issued a target of 8,500, a first for the market after the KOSPI surpassed 6,700.
• Total KOSPI Market Cap: Maintained historic milestone above 6,000 trillion won; continued strength led by AI/semiconductors and global capital inflow.

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🇺🇸 U.S. Market

Three Major Indices (April 28, Tuesday)

The S&P 500 and Nasdaq Composite retreated on Tuesday, April 28, from record highs set in the previous session. Following a Wall Street Journal report that OpenAI’s revenue growth and new user numbers fell short of internal targets, semiconductor and AI-related stocks fell in unison. Rising oil prices and continued uncertainty regarding U.S.-Iran peace negotiations also weighed on investor sentiment. Volatility in oil prices increased after the UAE hinted at an exit from OPEC, raising concerns over energy costs. The Dow Jones Industrial Average also declined amid a broad sell-off in tech stocks.

Key Daily Moves (April 28)

• Semiconductor Sector: Plunged; OpenAI growth report raised doubts about AI demand, triggering a sell-off in chip-related stocks.
• Energy Sector: Strong; oil price volatility increased due to further price hikes and UAE’s signal of an OPEC exit.
• Big Tech: Wait-and-see mode ahead of earnings; tech earnings this week are considered the key factor for future market direction.

Sector Trends The energy sector was strong as oil price hikes and geopolitical instability spurred supply concerns. Information Technology (IT) and semiconductors were weak, with heavy selling of chip stocks as the OpenAI report dampened enthusiasm for the AI boom. The previous day (April 27), the S&P 500 and Nasdaq hit record highs, only to reverse just one day later.

🌏 Asia & Europe Markets

Asia (Japan, China, Hong Kong)

Asian markets on Tuesday, April 28, were mixed as expectations for a tech rally collided with caution. The Hong Kong Hang Seng Index closed down 0.48%, and the Chinese CSI 300 fell 0.27% to 4,758.21. While the Korean KOSPI benefited from the AI/semiconductor rally, the report regarding OpenAI negatively impacted tech stocks across Asia. On April 29, Asian markets are under adjustment pressure following the decline in U.S. tech stocks.

Europe (U.K., Germany, France)

On Monday, April 27, European markets saw a slight rise while monitoring the deadlock in U.S.-Iran peace negotiations. Expectations for eased tensions provided some support after Iran proposed reopening the Strait of Hormuz and expressed willingness to postpone nuclear negotiations. However, rising oil prices and geopolitical uncertainty limited further gains.

📊 Market Drivers

• OpenAI Growth Report: The Wall Street Journal reported that OpenAI’s revenue and new user growth missed internal targets, casting doubt on demand for AI infrastructure. This led to a mass sell-off of semiconductors and chip stocks, serving as the primary background for Nasdaq’s weakness.

• U.S.-Iran Geopolitical Uncertainty & Oil Price Hike: Despite Iran’s proposal to reopen the Strait of Hormuz, the U.S. cancelled its delegation visit, extending uncertainty. The UAE’s signal to leave OPEC further spiked oil price volatility, negatively impacting corporate earnings forecasts.

• Big Tech Earnings & Fed (FOMC) Meeting: This is a major week, with earnings from Meta, Microsoft, Amazon, and Apple, along with the Fed’s interest rate decision. Reuters reported, "The record-breaking U.S. market rally is facing a test this week." The upward adjustment of 2026 annual EPS growth forecasts—from 16% at the start of the year to nearly 20%—has boosted market expectations.

• Korean KOSPI Records: With the KOSPI surpassing 6,700, domestic brokerage firms have issued a target index of 8,500. Earnings improvement expectations centered on AI and semiconductors, combined with global capital inflow, are supporting the Korean market's strength.

🔭 Things to Watch

Key Events This Week

• U.S. FOMC Interest Rate Decision (Scheduled for this week): Focus on whether rates will be frozen, potential forward guidance, and this possibly being the final meeting of Jerome Powell’s tenure.
• Big Tech Earnings: Earnings from Meta, Microsoft, Amazon, and Apple will serve as a watershed moment for AI spending and demand outlooks.
• U.S. GDP & Employment Data: Crucial economic indicators for assessing a "soft landing."
• U.S.-Iran Negotiations: Monitoring oil price volatility based on progress regarding the Strait of Hormuz and nuclear talks.
• Foreign Capital Flow in Korea: Whether foreign investors shift from net selling to net buying remains key to further upside.

Investor Checklist

• Confirm AI demand health: Determine if the OpenAI report signals a structural slowdown or a one-off event.
• Fed Tone: Check for hints regarding rate cut timing and address leadership uncertainty post-Powell.
• Oil Price Direction: Monitor energy sector and corporate cost structures based on progress in Iran negotiations.

💬 Insight

This week serves as a decisive moment where the "promise" of AI earnings will be tested against "reality"—Big Tech earnings and Fed signals will determine if the global bull market continues.