S&P 500 closes at a record high on tech-led gains…bitter cold grips central regions [Morning Briefing]

◆ US stocks: S&P 500 ends at a record high on tech strength

With tech shares extending gains on expectations of strong big-tech earnings, the S&P 500 index closed at an all-time high on the 27th local time. On the New York Stock Exchange (NYSE), the S&P 500 rose 28.37 points (0.41%) from the previous session to finish at 6,978.60, breaking its prior record close. The tech-heavy Nasdaq Composite added 215.74 points (0.91%) to end at 23,817.10. The Dow Jones Industrial Average fell 408.99 points (-0.83%) to 49,003.41, weighed down by a sharp drop in UnitedHealth (-19.61%).

◆ International oil prices jump…US crude facilities hit by output disruptions amid deep freeze

International oil prices surged nearly 3%. Prices came under upward pressure as disruptions to crude production dragged on amid a sudden Arctic cold wave and heavy snowfall. Gains were also supported by signs that a three-way ceasefire meeting is faltering as the US presses Ukraine to cede territory to Russia. On the New York Mercantile Exchange, West Texas Intermediate (WTI) for March delivery jumped $1.76 (2.90%) to settle at $62.39 a barrel. Crude traders estimated that over the weekend, extreme cold caused US oil producers to lose about 15% of nationwide daily output—around 2 million barrels per day.

◆ White House: “US president cut tariffs, but no progress on Korea’s follow-through”

The White House said President Donald Trump’s statement that he would raise tariffs on South Korea back to 25% was because Seoul failed to carry out commitments agreed to in return for lower tariffs. According to Yonhap News Agency, a White House official, responding to a query about Trump’s post on the social media service (SNS) Truth Social saying he would raise tariffs on South Korea, said “the simple reality is that Korea reached a (trade) deal with the Trump administration to secure lower tariffs.” The official argued that under the bilateral trade agreement, “the president lowered tariffs on Korea, but Korea has made no progress in fulfilling its end of the bargain.”

◆ Kim Keon-hee’s first trial verdict due today…first possibility of a former presidential couple both receiving prison terms

The judiciary’s first legal judgment on first lady Kim Keon-hee, who was indicted on charges including stock-price manipulation involving Deutsche Motors and receiving money and valuables from the Unification Church, will be delivered today. The Seoul Central District Court’s Criminal Division 27 (Presiding Judge Woo In-sung) will hold the sentencing hearing at 2:10 p.m. today in Kim’s case involving alleged violations of the Capital Markets Act and the Political Funds Act, as well as a charge of accepting a bribe through intermediation under the Act on the Aggravated Punishment, etc. of Specific Crimes. This will be the first first-instance ruling among three trials related to Kim, and the sentencing process will be broadcast live on TV and YouTube. If Kim is also found guilty and sentenced to prison following former President Yoon Suk Yeol, who received a five-year prison term for obstructing an arrest by the Corruption Investigation Office for High-ranking Officials (CIO), it would become the first case in constitutional history in which a former presidential couple are sentenced to prison at the same time.

◆ North Korea: “Test-fired upgraded large-caliber multiple rocket launcher yesterday”…Kim Jong Un: “Advancing nuclear deterrence”

North Korea’s Korean Central News Agency (KCNA) reported that on the 27th, with Kim Jong Un, chairman of the State Affairs Commission, in attendance, the North test-fired an upgraded large-caliber multiple rocket launcher weapons system. KCNA said, “The Missile General Bureau on the 27th conducted a test firing to verify the effectiveness of an updated large-caliber multiple rocket launcher weapons system into which new technology has been introduced.” Kim was quoted as saying after observing the launch on site that it “carries very important significance in enhancing the effectiveness of strategic deterrence,” adding that “the purpose of the activity is nothing else but clearly to further advance the deterrent against nuclear war.” North Korea’s ballistic-missile launch was its first in 23 days since the 4th and the second this year. North Korea is expected to unveil new plans to strengthen its defense capabilities at the upcoming Ninth Party Congress, as it did at the Eighth Party Congress when it presented a five-year plan for defense development and five key tasks.

◆ “US vice president told PM Kim: ‘Don’t take disadvantageous measures against US companies such as Coupang’”

US Vice President JD Vance, during a recent meeting with Prime Minister Kim Min-seok, said the South Korean government should not take disadvantageous measures against US companies including Coupang, The Wall Street Journal (WSJ) reported citing sources. Citing officials, WSJ said, “Vice President Vance met Prime Minister Kim in Washington, DC last week and warned him not to take steps that disadvantage US technology companies, including Coupang.” Vance was also reported to have told Kim that the US wants “meaningful de-escalation” in how the South Korean government treats technology companies like Coupang.

◆ Another shooting involving immigration authorities near Arizona border…1 in critical condition

A person was left in critical condition after being shot by federal immigration enforcement agents in a border area of Arizona, NBC and other outlets reported. According to NBC and KVOA, around 7:30 a.m. that day, one person was shot and left in critical condition in Pima County, a southern border region of Arizona. A spokesperson for the Pima County Sheriff’s Office said the US Border Patrol (USBP) was involved in the shooting. Details such as the identity of the injured person and the circumstances of the incident have not been confirmed. The shooting occurred just three days after a Border Patrol agent fatally shot Alex Pretti, a US man in his 30s, in Minneapolis, Minnesota on the 24th, and about three weeks after an Immigration and Customs Enforcement (ICE) agent fatally shot Rene Good, a US woman in her 30s, on the 7th.

◆ Bitter cold centered on central regions…dry air and strong winds raise fire risk

A bitter cold spell will continue on Wednesday the 28th, especially in the central regions. Daytime highs are forecast at -3 to 7 degrees. Morning temperatures are expected to stay around -10 degrees for the time being in Gyeonggi Province; inland and mountainous areas of Gangwon; inland areas of Chungcheong; and inland and northeastern mountainous areas of North Gyeongsang. Daytime temperatures will also remain below freezing, mainly in the central regions. Winds will be somewhat strong, pushing wind chills lower. Seoul and parts of inland Gyeonggi; inland areas of central and southern Gangwon; the east coast and mountainous areas of Gangwon; the eastern South Jeolla southern coast; and the Gyeongsang region, where dry weather advisories are in effect, will also see strong winds, requiring extra caution to prevent wildfires and various fires.

Oh Jeong-min, Hankyung.com reporter blooming@hankyung.com