[Good Morning Market] US Semiconductor Stocks Rally... KOSPI Expected to Open Higher

Nasdaq Advances as Market Ends Mixed
Semiconductor Stocks Rise on Agent AI Optimism
Markets Focus on U.S.-Iran Developments
"Domestic Stock Market Likely to Start Higher"

Overnight, the U.S. stock market ended mixed, with semiconductor stocks showing strength and financials underperforming. On expectations that geopolitical tensions may ease, the domestic stock market is also projected to start higher.

On the 22nd (local time), the Nasdaq closed at 27,244.28, up 0.45% from the previous trading day, setting another all-time closing record. The S&P 500 slipped just 0.06 points (0.00%) to finish at 7,764.64, while the Dow Jones Industrial Average lost 185.14 points (0.36%) to close at 51,863.69, reflecting a mixed market trend.

The KOSPI index opened at 7,161.61, up 153.89 points from the previous trading day, displayed on the electronic board showing the domestic stock market status in the dealing room at the head office of Hana Bank in Jung-gu, Seoul on the 22nd. September 22, 2026. Photo by Kang Jinhyung

Expectations for growth have grown due to the popularity of Meta's Agent AI, sending semiconductor stocks such as Micron (+5.0%) and SanDisk (+6.8%) higher. The Philadelphia Semiconductor Index climbed 2.06% to close at 12,689.82.

Meanwhile, U.S. financial stocks declined due to concerns over earnings uncertainty and tax-saving issues. Sang-Young Suh, a research analyst at Mirae Asset Securities, commented, "The concerns over a slowdown in earnings, which were raised again last week during the Barclays Conference, contributed to the decline. In particular, as scrutiny over leverage related to the Jane Street issue intensified, concerns about reduced trading division revenues also emerged as a downward factor."

The previous day, comments fueling hopes of easing U.S.-Iran tensions attracted attention. U.S. President Donald Trump said at the United Nations General Assembly in New York, "(Talks with Iran) were very good," adding, "We had a very productive meeting, and additional talks are scheduled in the very near future." Signs that supply disruptions in the Middle East may be resolved prompted a decline in oil prices, with West Texas Intermediate (WTI) falling by 1.2% to $94.59 per barrel and Brent crude dropping 1.1% to $99.25.

On September 23, the domestic stock market is expected to open higher, backed by strong gains in the U.S. semiconductor index and a rise of over 2% in KOSPI 200 night futures. Ji-Young Han, a research analyst at Kiwoom Securities, noted, "During the session, profit-taking pressure linked to wait-and-see sentiment ahead of the holidays could limit the index's gains, likely leading to a shift toward stock-specific trading based on individual issues. Although the KOSPI showed initial strength but weakened later in the previous session, it managed to hold above the 7,000 level. While the overhang of sell orders remains substantial near this level, resistance at the top end appears to be weakening compared to before."

Some predict that if the easing of geopolitical tension results in lower oil prices—leading to a slowdown in expected inflation, a decline in market interest rates, and a reduced burden of equity discount rates—momentum could return to the domestic stock market after the Chuseok holiday. The analyst added, "It is important to monitor whether the U.S.-China summit leads to an extension of the tariff truce, as well as any new regulations on AI and semiconductor technology, as the week progresses. At the same time, attention should be paid to whether diplomatic talks between the U.S. and Iran will resume and to changes in shipping volumes through the Strait of Hormuz, as developments in the Middle East remain key factors to watch."

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