U.S. stocks: blue chips rise, tech stocks fall…CSAT preliminary assembly today [Morning Briefing]

◆Blue chips rise in U.S. while tech stocks 'wobble'

The New York market closed mixed. In early trading at the New York Stock Exchange, the Dow Jones Industrial Average and the S&P 500 rose 1.18% and 0.21% respectively, while the Nasdaq Composite fell 0.25%. The Dow hit an all-time high. Tech stocks struggled after news that Japan's SoftBank sold its entire stake in NVIDIA, with NVIDIA down 2.96%, Broadcom down 1.79%, and Palantir down 1.37%. AMD and Micron also fell. The Philadelphia Semiconductor Index, composed of AI and semiconductor-related stocks, plunged 2.48%. The U.S. Treasury market was closed for Veterans Day.

◆U.S. 'shutdown' could end as soon as tomorrow

The longest federal government shutdown in U.S. history is expected to end as early as tomorrow. The House is scheduled to begin voting tomorrow at 6 a.m. Korea time on the Senate-passed bill to end the shutdown. Yesterday the Senate held a session and passed the shutdown-ending package with 60 votes in favor and 40 against. In the House, a simple majority is sufficient, and the majority-holding Republican Party is expected to push through the temporary budget measure. If the House passes it, President Donald Trump is expected to sign it immediately, and the shutdown could end as soon as tomorrow.

◆Detention warrant issued for Cho Tae-yong

Cho Tae-yong, the former NIS director, has been detained on charges including dereliction of duty and violation of the National Intelligence Service Act. Park Jeong-ho, the judge in charge of warrants at the Seoul Central District Court, conducted a pre-detention hearing for Cho and issued the warrant early today, citing a concern that evidence could be destroyed. Cho is accused of dereliction of duty for failing to report to the National Assembly that there had been plans to declare martial law before former President Yoon Suk Yeol's public address. He is also accused of violating the prohibition on political involvement by providing NIS CCTV footage showing the movements of former First Deputy Director Hong Jang-won to the People Power Party while withholding footage showing his own movements from the Democratic Party of Korea.

◆CSAT preliminary assembly today

The 2025 College Scholastic Ability Test is one day away. Test-takers will attend the CSAT preliminary assembly today to receive their admission tickets and be briefed on exam precautions and other notices. A total of 554,174 people applied, an increase of 31,504 from last year. This is the largest number of applicants in seven years since the 2019 academic year (594,924). This year, with medical school admissions having been reduced back to previous levels and many 2007-born students from the unusually high birth-rate 'golden pig' cohort now in their third year of high school, as well as many repeat test-takers, competition for university admission is expected to be fiercer than usual.

◆Kim Keon-hee's bail hearing today

Kim Keon-hee, who is on trial over allegations including stock manipulation at Deutsche Motors, will have a bail hearing today. Criminal Division 27 of the Seoul Central District Court will hold a continuation of the trial on Kim's alleged violations of the Capital Markets Act and the bail hearing. Kim requested bail on the 3rd, citing dizziness and worsening anxiety symptoms and saying that a noncustodial trial was necessary for appropriate treatment. The special prosecution team for Kim Keon-hee is expected to argue that there is a concern about evidence destruction based on what they say are her prior denials and lies about receiving payments.

◆One more body recovered from Ulsan thermal power plant collapse

One more body of a person buried in the Ulsan thermal power plant collapse was recovered. Fire authorities said they recovered one body from debris in boiler tower No. 5 at around 5:19 a.m. today. The body was recovered after its location was identified at around 10:14 p.m. yesterday. Thus, of the seven people buried in the accident, the death toll has risen to five. Two remain buried; the location of one has been identified while the other remains unlocated.

◆Mostly clear nationwide but chilly in the morning

Wednesday will be mostly clear nationwide, but Jeju will be mostly cloudy. Morning temperatures may fall below zero around the central inland and mountainous areas and the high mountains of the southern region. Daytime temperatures are forecast to be 15–20°C. For the time being, the temperature difference between day and night will be around 15 degrees, so take care of your health. Sea waves will be 0.5–1.0 m in the near seas of the East and South Seas and around 0.5 m in the near sea of the West Sea. Wave heights in the outer seas (the offshore sea within about 200 km of the coastline) are expected to be 0.5–2.0 m in the East and West Seas and 0.5–2.5 m in the South Sea.

No Jeong-dong, Hankyung.com reporter dong2@hankyung.com