Global Morning Briefing: US Markets hit record highs
On May 8, the S&P 500 and Nasdaq reached all-time highs, fueled by AI optimism and strong employment data. As the focus shifts to upcoming inflation reports, investors are watching the volatile energy sector amidst Middle East developments.
Global Morning Briefing — 2026-05-10
Market Snapshot
| Indicator | Close/Current | Change |
|---|---|---|
| S&P 500 | 7,398.93 | +0.84% |
| Nasdaq Composite | 26,247.08 | +1.71% |
| Dow Jones | 49,609.16 | +0.02% |
| 10-Year US Treasury | — | Down (reflecting mixed economic data) |
| WTI Crude Oil | — | Down ~7% for the week (US-Iran negotiation uncertainty) |
US Market Closing Review
On May 8 (local time), New York markets closed strongly, buoyed by both semiconductor/AI optimism and a better-than-expected April employment report. The S&P 500 hit an all-time high of 7,398.93 (+0.84%), while the Nasdaq soared to 26,247.08 (+1.71%). The Dow Jones stayed relatively flat at 49,609.16 (+0.02%), reinforcing that the rally was led by technology stocks.
For the week (May 1–8), both the S&P 500 and Nasdaq recorded gains. While tech and semiconductors led the market, sectors like materials (-1.83%) and energy lagged behind.
Despite the non-farm payroll increase exceeding consensus, the unemployment rate held at 4.3%. This reinforced expectations for the Federal Reserve to hold rates steady, leading to a rally in long-term Treasury bonds. Market attention is now turning to the upcoming CPI release.
S&P 500 ends down as chip stocks give up gains | Reuters
S&P 500, Nasdaq end higher, notch weekly gains after earnings-heavy week | Reuters
S&P 500 and Nasdaq notch records; AMD results spark AI stock rally | Reuters
Wall Street ends higher, S&P 500, Nasdaq notch biggest monthly gains in years | Reuters
S&P 500 and Nasdaq notch records, boosted by AI and earnings optimism | Reuters
Today’s Key Stocks
Top Gainers
- AI and Semiconductor Stocks — Driving the +1.71% Nasdaq gain: Optimism surrounding AI infrastructure demand, sparked by recent AMD earnings, has spread across the sector, pushing these stocks to record levels.
Top Losers
- Materials Sector — S&P 500 Materials Index -1.83%: Faced downward pressure due to plummeting oil prices and uncertainty regarding US-Iran negotiations. Mineral and chemical stocks led the weekly decline.
Macro & Economic Indicators
-
April Non-Farm Payroll (NFP): Job growth exceeded analyst expectations while the unemployment rate remained at 4.3%. The market reacted positively, treating the data as a "Goldilocks" scenario where the economy grows without overheating.
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Treasury Market: Bonds rallied at the end of the week (yields fell) as mixed economic data solidified expectations that the Fed will keep rates on hold. According to Bloomberg, market focus has shifted to inflation metrics.
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WTI Crude Oil: Prices dropped about 7% for the week due to conflicting signals regarding US-Iran negotiations. While the Iranian Revolutionary Guard hinted at reopening the Strait of Hormuz, uncertainty about actual progress caused market confusion.
Global Top News
US-Iran Tension — Negotiations on Strait of Hormuz continue
- The News: The Iranian Revolutionary Guard stated that reopening the Strait of Hormuz is possible if the "enemy's threat ends." However, mixed signals have fueled oil price volatility. Meanwhile, sporadic clashes continue in the Middle East.
- Market Implication: Ongoing oil price volatility may increase uncertainty for energy-related stocks in Korea. Investors should monitor whether concerns regarding the Strait of Hormuz are resolved or reignited.
AI/Semiconductor Rally — Strongest Q1 earnings season
- The News: With about two-thirds of the Q1 earnings season complete, the "earnings surprise" ratio is at its highest level since 2021. AI infrastructure demand remains a strong catalyst.
- Market Implication: If Korean semiconductor ADRs and overnight futures show strength, it could provide upward momentum for the KOSPI semiconductor sector and supply chains, including HBM memory.
Fed Hold Expected — All eyes on CPI
- The News: Although April employment data exceeded expectations, overall mixed economic data has reinforced the view that the Fed will hold rates steady. Bloomberg notes that the focus has shifted to inflation, making the upcoming CPI report a key variable for interest rate paths.
- Market Implication: The environment supports valuation for growth and tech stocks. However, any CPI surprise could lead to short-term volatility, requiring defensive portfolio management.
Unexpected Result of Iran Conflict — Accelerated shift to renewable energy
- The News: The Guardian analyzed that the conflict is unintentionally reducing reliance on oil and gas, accelerating the shift toward renewable energy led by China. This shift is driving investment in solar and wind power.
- Market Implication: This presents medium- to long-term opportunities for the renewable energy sector, including secondary batteries and power infrastructure. Investors should keep an eye on companies like LG Energy Solution, Samsung SDI, and Hanwha Solutions.
Korea Market Checkpoint
The record highs in the US S&P 500 and Nasdaq are likely to provide a positive opening for the KOSPI and KOSDAQ. The 1.71% jump in the Nasdaq, reflected in Korean semiconductor ADRs, suggests a friendly environment for the tech sector. However, energy sector volatility is expected due to the Strait of Hormuz situation. Additionally, investors should watch how the won-dollar exchange rate affects export stocks amid continued Fed hold expectations.
Watch List
- Economic Indicators: US April CPI release (Key determinant for Fed rate paths).
- Earnings: Keep track of final Q1 earnings announcements.
- Fed Policy: Monitor comments from major Fed officials around the CPI announcement.
- Risks: ① Potential oil price spikes or energy/defense sector volatility if US-Iran negotiations fail. ② Potential valuation pressure on tech/growth stocks if CPI exceeds expectations.
Investor Action Items
- Check Semiconductor/AI Momentum: Monitor the opening prices and foreign investor inflows for major Korean semiconductor stocks like Samsung Electronics, SK Hynix, and Hanmi Semiconductor.
- Focus on Battery/Renewable Energy: Review long-term positions in energy transition beneficiaries like LG Energy Solution, Samsung SDI, and Hanwha Solutions as the global narrative shifts toward renewables.
- Risk Management before CPI: As the CPI report has become the market's primary focus, reduce excessive leverage and adjust portfolios to be defensive against potential volatility. Consider hedging for interest rate and dollar-sensitive sectors like real estate and utilities.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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