[Edaily Reporter Shin Ha-yeon ] The KOSPI opened 0.3% lower on the 1st. While the New York stock market closed mixed overnight despite lower-than-expected inflation figures, due to concerns over rising long-term Treasury yields, foreign and institutional investors are selling off their holdings in unison, dragging the index down.

According to MP Doctor on the 1st, as of 9:04 a.m. today, the KOSPI is trading at 6,787.99, down 50.05 points (0.73%) from the previous trading day. The index opened at 6,814.49, down 0.34% from the previous trading day.

On the previous trading day, the 30th of last month (local time), the New York Stock Exchange closed mixed. The Dow Jones Industrial Average closed at 50,906.05, down 443.87 points (0.86%) from the previous session, while the S&P 500 index fell 19.30 points (0.25%) to 7,651.54. In contrast, the tech-heavy Nasdaq Composite Index closed at 26,861.06, up 63.52 points (0.24%).

Investor sentiment improved early in the session as the U.S. August Personal Consumption Expenditures (PCE) Price Index came in lower than market expectations. At one point during the session, the S&P 500 extended its gains by 0.7%, and the Nasdaq rose as much as 1.2%. However, they later gave up those gains as U.S. Treasury yields rose again. In particular, long-term yields continued to rise on expectations that the U.S. economy would maintain its robust growth momentum.

The August PCE price index rose 3.4% year-over-year, falling short of the market forecast of 3.7%. Consequently, the probability of a rate hike of at least 25 basis points (1 bp = 0.01 percentage point) at the October Federal Open Market Committee (FOMC) meeting fell from about 51% the previous day to around 37%. However, pressure on long-term interest rates persisted as the economy’s resilience was confirmed, including an upward revision of the final U.S. second-quarter gross domestic product (GDP) growth rate to an annualized 2.2%.

Han Ji-young, an analyst at KIWOOM Securities, noted, “Since the prolonged period of high interest rates has now become the market’s base scenario, the pace of rate hikes has become more important than the interest rate level itself.” She added, “Events that could temper the pace of rate hikes—such as September’s CPI and employment data, the U.S.-Iran negotiations, and the October FOMC meeting—are on the horizon this month,” noting that “it is reasonable to view the likelihood of a sharp rise in interest rates damaging the stock market trend as low.”

In particular, the analyst predicted that corporate earnings, rather than interest rates, would emerge as the key variable driving the stock market’s direction. “With the third-quarter earnings season for leading sectors such as semiconductors and hyperscalers scheduled to begin, this earnings season could help restore earnings visibility,” the analyst said, forecasting that the overall stock market trend would form higher lows.

The August Personal Consumption Expenditures (PCE) price index came in below market expectations, partially easing concerns about further monetary tightening by the Federal Reserve (Fed). However, pressure from rising long-term interest rates persisted as the strength of the U.S. economy was confirmed—including an upward revision of the final second-quarter gross domestic product (GDP) growth rate to an annualized 2.2%.

Micron’s strong earnings are a positive development for domestic semiconductor stocks. Micron reported fourth-quarter fiscal year 2026 revenue of $54.23 billion and adjusted earnings per share (EPS) of $33.42, exceeding market expectations. Its revenue forecast for the next quarter, at $61.5 billion, also significantly surpassed market projections.

Micron announced that, driven by demand for artificial intelligence (AI), the value of long-term supply contracts with customers increased from $22 billion in June to $32 billion. The company has also secured contracts for the majority of its high-bandwidth memory (HBM) production volume for 2027. This development is expected to bolster business outlook expectations for domestic memory manufacturers such as SamsungElectronics and SK hynix.

In terms of supply and demand, foreign investors and institutions are currently net sellers of 210.1 billion won and 71.0 billion won, respectively, on the stock market. Retail investors are the only group showing net buying, at 262.9 billion won. Program trading shows a buying advantage of less than 100 million won in arbitrage transactions but a selling advantage of 288.2 billion won in non-arbitrage transactions, resulting in an overall selling advantage of 288.1 billion won.

By sector, finance, construction, and electrical/electronics are down by around 1%. Following these, manufacturing, insurance, retail, entertainment and culture, telecommunications, securities, chemicals, non-metals, food, beverages, and tobacco, paper and wood, real estate, general services, and medical and precision equipment are also declining. In contrast, textiles and apparel, machinery and equipment, metals, electricity and gas, transportation equipment and parts, transportation and warehousing, medical and precision equipment, pharmaceuticals, IT services, real estate, and general services are showing strength.

Stocks with the highest market capitalization are showing mixed performance. SamsungElectronics(005930)is trading at 268,000 won, down 500 won (-0.19%) from the previous trading day. In contrast, SK hynix(000660)is trading at 1,777,000 won, up 1,000 won (0.06%). In addition, SKSQUARE(402340)(-2.46%), SamsungElectroMechanics(009150)(-1.98%), LG Energy Solution(373220)(-0.56%), and SAMSUNG BIOLOGICS(207940)(-0.14%) are all trading lower.

At the same time, the KOSDAQ Index is trading at 856.21, up 0.30 points (0.04%) from the previous trading day. The index opened at 853.96 today.

In terms of supply and demand, retail investors and foreign investors are net buyers in the KOSDAQ market, with 29 billion won and 6.8 billion won, respectively. Institutional investors are net sellers by 16.8 billion won. Program trading shows a net selling position of 23.8 billion won, comprising 3.5 billion won in arbitrage trading and 20.3 billion won in non-arbitrage trading.

Among the top market-cap stocks, Alteogen Inc.(196170)(0.20%), ECOPRO CO., LTD(086520)(0.50%), WONIK IPS Co.,Ltd.(240810)($4.03), EO Technics Co., Ltd.(039030)(1.92%), and LEENO Industrial Inc(058470)(2.59%) are showing strength, while JUSUNG ENGINEERING Co.,Ltd.(036930)(-0.86%) and Rainbow Robotics(277810)(-0.96%) are showing weakness.