Looking back at the New York stock market on June 27 (local time) ahead of the KOSPI market open on June 28, the key takeaway of the day is that the semiconductor sector dragged down the broader market despite the positive catalyst of a sharp decline in oil prices.

■ Middle East Tensions Ease, Oil Prices Plunge... Expected to Benefit Stock Markets President Trump declared a halt to airstrikes on Iran, significantly easing tensions stemming from the Middle East, which in turn caused international oil prices to drop sharply. Typically, falling oil prices alleviate inflationary pressures and often have a favorable effect on stock markets.

However, the New York stock market failed to fully digest this catalyst and showed mixed performance across sectors.

■ Profit-Taking Selloff Across the AI and Semiconductor Value Chain The most notable development was a pronounced profit-taking selloff across the AI and semiconductor value chain. With valuation pressures having accumulated in semiconductor and AI-related stocks following their steep gains over the past few months, it appears that some capital exited semiconductors and rotated into other sectors at a time when the positive news of oil price stabilization emerged. The Philadelphia Semiconductor Index fell 2.23% on the day. Among individual stocks, AI leader Nvidia plunged 4.99%, leading the index lower, while key stocks across the memory and foundry value chain—including Micron (-2.25%), SanDisk (-11.02%), Western Digital (-4.21%), and AMD (-5.17%)—declined in tandem.

■ Mixed Performance Among the Three Major Indices... Nasdaq the Sole Decliner The tech-heavy Nasdaq Composite, which has a high weighting in semiconductors, closed down 43.74 points (0.18%) at 24,932.08, marking the only decline among the three major indices. Meanwhile, the Dow Jones Industrial Average finished trading up 262.83 points (0.51%) at 52,210.08, and the S&P 500 Index recorded a slight gain of 1.20 points (0.02%) to close at 7,413.18.

■ Key Points to Watch Going Forward The variables to monitor going forward are as follows. First, the key question is whether the valuation burden in the semiconductor sector will lead to further corrections, or whether buying interest will return ahead of earnings season. Second, if the decline in oil prices continues, it will be necessary to assess the impact on inflation indicators and the Federal Reserve's monetary policy stance, as well as to confirm whether the Middle East situation has genuinely entered a phase of stabilization.

However, these are merely key points to watch based on the market reactions observed so far, and do not constitute a definitive forecast regarding the future direction of stock prices.

[This article was written with the assistance of AI. Investors need to approach with caution by checking follow-up information such as additional disclosures and earnings announcements. This article is intended only as reference material for investment decisions and does not recommend the purchase or sale of any specific stock.]