[Good Morning Market] All Eyes on Micron Earnings... Will Semiconductors Continue to Lead?

Micron Earnings to Be Announced on the 24th (Local Time)

May U.S. PCE Data on the 25th... Inflation in Focus

“KOSPI Expected to Remain Volatile Amid Key Events This Week”

This week, the outlook is that the direction of the Korean stock market will be determined after the earnings release of Micron scheduled for the 24th (local time). With semiconductors such as Samsung Electronics and SK hynix leading the domestic stock market, the performance of Micron, a global bellwether, is expected to serve as a benchmark for whether the semiconductor rally can continue.

On June 18, the Dow Jones Industrial Average closed at 51,564.70, up 72.15 points (0.14%) from the previous session. The S&P 500 rose 80.48 points (1.08%) to 7,500.58, and the Nasdaq Composite closed at 26,517.93, up 496.27 points (1.91%). Memory chipmakers such as Micron (up 8.7%) and SanDisk (up 11.54%) led the gains. On June 19, the New York Stock Exchange was closed for the Juneteenth federal holiday commemorating the emancipation of enslaved people.

On the 18th, when the KOSPI index surpassed the 8,900 level for the first time in history in the early session, the status of the domestic stock market was displayed on the electronic board in the dealing room at the headquarters of Hana Bank in Jung-gu, Seoul. 2026.6.18 Photo by Kang Jinhyung

Micron’s earnings release is expected to be the biggest event for the Korean stock market as well. Han Ji-young, a researcher at Kiwoom Securities, explained, “The biggest event this week is Micron’s earnings in the United States, and depending on the results, it will be possible to gauge whether semiconductors can further strengthen their leadership.” She added, “The base scenario is an earnings surprise from Micron. Key points include the extent to which earnings exceed market consensus, whether Micron can achieve its previously guided gross profit margin (GPM) of 81%, and whether next quarter’s guidance can be further raised.”

On the 25th, the United States will also announce the Personal Consumption Expenditures (PCE) price index for May. Seo Sangyoung, a researcher at Mirae Asset Securities, commented, “Recently, the U.S. Federal Reserve raised its outlook for inflation and interest rates, signaling the possibility of further tightening. The market will be watching the PCE index to see if inflationary pressure is reaffirmed.” He continued, “Given that the recent stock market rally has been justified by expectations for increased investment in artificial intelligence (AI) and abundant liquidity, a renewed rise in prices could heighten the likelihood of additional tightening by the Fed and lead to concerns about reduced liquidity. This is an important point to monitor.”

According to these events, the Korean stock market is also expected to exhibit volatility this week. The researcher projected a weekly KOSPI range of 8,700 to 9,400 points, stating, “This week, the KOSPI will likely continue to show volatility, influenced by the U.S. May PCE data, Micron’s earnings, Korea’s June export figures, the ongoing market concentration in the semiconductor sector at home and abroad, and the results of MSCI’s annual market reclassification, among other factors.”

However, regarding whether Korea will be included in the MSCI Developed Markets Index, the researcher noted, “Even if Korea is not included, it seems unlikely that foreign capital inflows will weaken significantly.” He diagnosed, “Last week, foreigners shifted to net buyers in the KOSPI for the first time in 10 weeks, not so much due to expectations of MSCI inclusion, but rather because improved macro conditions—such as a sharp drop in oil prices following the U.S.-Iran ceasefire—prompted bets on leading stocks such as semiconductors.”

This content was produced with the assistance of AI translation services.