Monday morning, August 31, 2026. The three major U.S. indices closed lower Friday—Dow, S&P 500, and Nasdaq all finished in the red.
The index moves alone seemed unremarkable, but Friday night delivered a sharper shock: September rate-hike odds nearly doubled in a single day. How the KOSPI absorbs this news at today's open is the week's first critical gauge.
U.S. market heat map (S&P 500 gainers in green, decliners in red) — Friday close
The three major indices all sold off, but for different reasons
The Dow fell 9.45 points (−0.02%) to 53,559.99. The S&P 500 declined 0.25% to 7,711.76. The Nasdaq Composite fell 0.52% to 26,402.42.
The Dow barely budged. The Nasdaq weakness stood out—semiconductor heavyweights led the decline.
Friday performance, August 28: Three major U.S. indices
Semis posted strong earnings. Why did they sell off?
Rewind one day. Nvidia guided for next-fiscal revenue growth of roughly 70%—well above consensus. The company announced major supply agreements with Amazon Web Services for next-generation Vera CPUs and millions of GPUs, plus plans to acquire open-source platform Hugging Face. The stock surged.
Friday proved a reversal. Nvidia tumbled −4.57% to $217.55. Intel fell 2.85% to $89.47. Marvell Technology, which reported record earnings the day prior, cratered roughly 7%.
The earnings quality was genuine. But the stocks had already rallied sharply on those results, and a separate headwind—the rate-hike odds spike—hit the same day. For domestic investors, the key question today is whether this semiconductor pullback transmits to SK Hynix and Samsung Electronics ADRs and to domestic chip supply-chain net buying flows.
Note: Thursday's Nvidia earnings release triggered strong after-hours gains. That momentum evaporated in regular hours. Post-earnings profit-taking among mega-cap tech names is not uncommon in U.S. markets.
Friday semiconductor leaders: Daily performance, August 28
The real catalyst was Jackson Hole
Fed Chair Powell's remarks Friday night at Jackson Hole triggered the sharper move. Powell said inflation remains above the 2% target and emphasized the need for measures to bring price pressure under control.
Those words alone reset market expectations: CME FedWatch odds for a September rate hike jumped from 35% to 57% in one session. The market read this as hawkish. The 10-year Treasury yield rose 4 basis points to 4.73%. The dollar index gained 0.52% to 99.67.
Oil moved the other way. WTI slipped to $83.44 (−0.11%); Brent fell to $88.29 (−0.26%).
Rising rates and falling oil can signal that markets are pricing growth concerns more heavily than inflation fears at this moment. That said, a single session's data is limited; the trend this week will matter more.
CME FedWatch: September rate-hike probability shift
Asia opened Friday with residual momentum
Friday's Asian session opened before Powell spoke—still riding Thursday's U.S. rebound. Japan's Nikkei 225 rose 0.41% to 66,405.56. Taiwan's weighted index gained 0.77% to 46,331.45. Hong Kong's Hang Seng climbed 0.19% to 25,614.30. Shanghai Composite alone edged down 0.11% to 3,952.18.
Friday regional Asia-Pacific indices: August 28
What to watch in the Korean market today
KOSPI traded in the 6,780–6,790 range last week. Several points to watch at today's open:
Semiconductors. Nvidia, Intel, and Marvell posted strong results yet all corrected Friday. Watch whether this adjustment ripples through SK Hynix, Samsung Electronics, and the domestic chip supply-chain sectors today.
Rates and currency. September rate-hike odds are now at 57%. The next FOMC meets September 15–16. Track how the won-dollar rate and foreign investor flows respond to this rate-expectations shift throughout the week.
Earnings disconnect. Marvell delivered record profit yet crashed. The formula "strong earnings = stock gains" does not always hold for already-elevated names. Watch for similar patterns during this quarter's Korean earnings season.
The numbers
| Item | Level | Change |
|---|---|---|
| Dow Jones | 53,559.99 | −0.02% |
| S&P 500 | 7,711.76 | −0.25% |
| Nasdaq Composite | 26,402.42 | −0.52% |
| Nvidia | $217.55 | −4.57% |
| 10-year Treasury yield | 4.73% | +4 bps |
| WTI crude | $83.44 | −0.11% |
| September rate-hike odds | 57% | from 35% |
Bottom line
Index declines were modest, but the underlying shifts—semiconductor adjustments after strong results and the sharp rerating of September rate odds—will shape trading throughout the week.
Watch for the KOSPI's opening reaction today and track whether this trend persists through the next FOMC meeting (September 15–16).
This article is for informational purposes and does not constitute investment advice. All investment decisions and their outcomes remain your own responsibility.
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