Samsung Electronics and SK hynix earnings converge with Big Tech reports and the FOMC, setting a decisive direction for the domestic stock market.
Micron, AMD, and SK hynix ADRs advance despite WTI breaking $103; attention focuses on whether semiconductor rebound can sustain momentum.
Key Market Trends
① WTI Breaks $103... Wall Street Slumps as Even Defensive Sectors Retreat
U.S. equities closed lower over the weekend, pressured by surging international crude prices.
In a departure from recent trends, even core defensive sectors—which typically rally during bouts of market anxiety—faced selling pressure.
Only energy, tech, and real estate managed gains, while most other sectors finished in the red.
WTI crude breached $103 a barrel, nearing highs not seen since the outbreak of the conflict in Iran.
Geopolitical tensions escalated as discussions regarding potential U.S. strikes against Iran persisted, with Tehran hinting at retaliation.
With vessel attacks in the Strait of Hormuz climbing to 28 in October alone, President Trump's remarks hinting at the possibility of a prolonged conflict added to market unease.
Expectations for a swift resolution to the hostilities have faded, maintaining persistent upward pressure on oil prices.
② Semiconductors Rebound Despite Oil Surge... SK hynix ADRs Gain
Amid a broader market downturn, major semiconductor shares—including Micron, AMD, and SK hynix ADRs—posted gains.
Sentiment received a boost as news of SK hynix suspending its push for Solidigm's public listing alleviated concerns over shareholder value dilution.
Comments from Jensen Huang downplaying the likelihood of a memory market supply glut also underpinned investor confidence.
Semiconductor stocks, which recently underwent steep corrections over mounting worries regarding AI capital expenditure and funding, continue to stage selective rebounds.
The fact that chip stocks rallied despite surging oil prices and a weak broader market underscores the need to monitor supply-demand shifts ahead of this week's earnings reports from Samsung Electronics and SK hynix.
③ From Tech Earnings to the FOMC... Entering a 'Super Week'
Domestic and international schedules are heavily packed this week.
Earnings announcements from Samsung Electronics and SK hynix coincide with releases from U.S. Big Tech giants and the upcoming FOMC meeting.
This marks a critical juncture to verify whether recent market anxieties surrounding AI investments and profitability translate into actual corporate earnings and forward guidance.
On the monetary policy front, surging international oil prices have emerged as a fresh headwind.
Should higher oil prices stoke inflation fears, they could complicate the Federal Reserve's policy calculus, making post-FOMC interest rate trajectories a key focal point.
Investors will closely watch whether U.S. Treasury yields, which declined earlier in October, reverse direction.
Market Analyst's Perspective
One of the most pivotal events for the domestic market this week is the earnings release by SK hynix. While earnings are projected to be solid, investors of late have grown far more sensitive to peripheral developments than the headline numbers themselves.
In the U.S. market, stock prices are being dictated less by the earnings of AI companies than by capital expenditures, cash flows, and funding mechanisms. Because debates over AI data center spending ultimately tie back to memory demand, how effectively SK hynix addresses these concerns during its conference call will be crucial. Attention will also center on shareholder return policies and further stances regarding Solidigm.
SK hynix has pulled back by roughly 60% from its recent peak. Excluding the global financial crisis, a drawdown of this magnitude over the past 20 years is exceptionally rare. Starting today, investors must determine whether supply-demand dynamics are shifting ahead of the earnings release.
Last week saw heavy liquidations across KOSDAQ and KOSPI mid-cap shares. As funds that had previously rotated into mid-caps as a hedge during large-cap adjustments also exited, overall market momentum stalled. Whether the KOSPI can successfully defend the 5,500 level to spark a turnaround—and whether buying momentum spills over into the lagging KOSDAQ—will be vital.
Given the heavy event calendar and current liquidity flows, heightened volatility is likely to persist in the near term. Declining customer deposits, limited institutional buying from pension funds, and ongoing foreign selling remain burdens. Conversely, with recent sharp sell-offs having largely digested price pressure, investors should continue to monitor legacy market leaders, stocks favored by cumulative institutional accumulation, and sectors poised for earnings improvements.
Today's Checkpoints
Semiconductors: Will the rebound in Micron, AMD, and SK hynix ADRs translate to large-cap domestic chipmakers?
Oil Prices: Middle East developments and further upside potential for WTI following its breakout above $103.
SK hynix: Pre-earnings supply-demand shifts and expectations surrounding shareholder returns and Solidigm.
KOSPI: Sustainability of the 5,500 level, which was repeatedly defended last week.
'Super Week' Events: Samsung Electronics and SK hynix earnings, Big Tech results, and interest rate trajectories tied to the FOMC.
Source: Market Analyst's Stock Story (t.me/shmstory)
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This article has been reorganized from a Telegram post by Market Analyst's Stock Story with the author's consent. All content is subject to potential errors and does not constitute a recommendation to buy or sell, nor can it be used as a basis for financial transactions under any circumstances.
