Market Briefing — 2026-07-29
KOSPI suffered a "Black Tuesday," dropping 10.8% as semiconductor and memory chip sectors faced heavy selling pressure amid fears of a supply glut from China. Meanwhile, U.S. markets remain on edge ahead of the FOMC meeting and major tech earnings.
Market Briefing — 2026-07-29
Key Market Developments
1. KOSPI Experiences Brutal Sell-off The KOSPI index cratered today, dipping as low as the 5,000-point range before barely hanging on to close at 6,023.66. The index fell by 732.09 points (10.8%), marking a day being referred to as a "Black Tuesday."
2. Semiconductors and Memory Chips Plummet Major semiconductor firms, including Samsung Electronics, saw their shares take a dive. Micron fell 8.8%, and SK Hynix ADRs dropped by approximately 9%. Fears regarding a potential supply glut originating from China are weighing heavily on the entire semiconductor sector.
3. Mixed U.S. Markets: Oil Drops, Tech Struggles U.S. markets are showing mixed signals. Oil prices plunged over 5% as the U.S. and Iran temporarily halted attacks in the Strait of Hormuz, providing support to blue-chip stocks. Conversely, tech stocks remained weak due to concerns over heavy AI-related spending, with semiconductor stocks recording particularly steep losses.
Trending Sectors and Notable Stocks
1. Memory Chip Weakness: Micron (MU) -8.8% The narrative of a Chinese supply glut continues to hurt the memory sector. Micron’s 8.8% decline reflects investor anxiety surrounding global semiconductor supply chains.
2. Energy Stocks Benefit from Lower Oil Prices With tensions between the U.S. and Iran easing and oil prices dropping, energy-sensitive sectors have shown some signs of recovery. In the U.S., the Dow Jones Industrial Average closed higher, bolstered by the drop in energy costs.
3. NVIDIA Weakness Reflects Broader Tech Sentiment NVIDIA and other key tech stocks are struggling, as investors re-evaluate high valuations amid growing concerns over AI investment overheating.
4. SanDisk Hits -11% SanDisk plunged 11% as the memory sector continues to grapple with sluggish demand and severe price pressure from oversupply.
Macro Context
1. Geopolitical Tensions Ease: Oil Drops Over 5% Crude oil futures fell more than 5% as the U.S. and Iran paused attacks near the Strait of Hormuz. While this eased immediate energy security fears, it was offset by the sharp decline in other industries, most notably semiconductors.
2. FOMC Meeting and Mega-Cap Earnings This week features the Federal Open Market Committee (FOMC) meeting, along with highly anticipated earnings reports from mega-cap tech companies like Tesla and Alphabet. Investors are closely watching for updates on interest rate outlooks and guidance on AI capital expenditures.
3. Pressure on Tech Valuations Concerns over massive infrastructure spending for AI are pressuring valuations across the tech sector. The semiconductor and memory chip segments are facing acute price pressure, further exacerbated by worries over Chinese supply gluts.
This report is based solely on researched data; all investment decisions remain the responsibility of the individual.
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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