U.S. Stock Market Opens Lower; Chip and Storage Sector Declines
The three major U.S. stock indices opened lower, with the Nasdaq down 1.08%, the Dow Jones down 0.18%, and the S&P 500 down 0.55%. The chip and storage sector saw widespread declines, with SanDisk and Micron Technology both falling over 3%. MARA Holdings rose over 4% after announcing a $1 billion buyback of convertible senior notes and the sale of 15,133 bitcoins. Nvidia's stock dropped 1.58%, Apple's stock fell 0.59%, Alphabet Inc. (Class A) shares decreased by 1.95%, Microsoft shares were down 0.22%, Amazon's stock fell 1.16%, Meta Platforms Inc. Class A shares dropped 2.79%, Tesla's stock decreased by 1.16%, and Netflix's stock fell 1.05%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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In the third quarter, Korean retail investors made net purchases of US stocks worth approximately 10.15 trillion won, marking a complete reversal from the previous pattern in the first half of the year, when they made net purchases of nearly 100 trillion won in KOSPI stocks. In September alone, the sell-off amount reached as high as 14.2 trillion won. Analysts attribute this shift to a combination of factors: a sharp decline in KOSPI at high levels, the continued strength of the US stock market driven by AI themes, and the appreciation of the Korean won reducing currency exchange costs.
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