Walmart’s market cap hits $1 trillion… President Lee meets chiefs of top 10 conglomerates [Morning Briefing]

◆Wall Street closes lower as tech stocks weaken

Major U.S. stock indexes closed lower in tandem on weakness in technology shares. In early trading at the New York Stock Exchange, the Dow Jones Industrial Average fell 0.34% from the previous session, while the Standard & Poor’s (S&P) 500 dropped 0.84%. The Nasdaq Composite also slid 1.43%. Selling pressure concentrated in semiconductor and software names amid growing skepticism about investment in artificial intelligence (AI). Among the big tech stocks known as the “Magnificent Seven,” Microsoft and Meta fell 3% and 2%, respectively. Apple also edged lower. Nvidia plunged nearly 3%, leading the decline in tech shares. Losses were even steeper in the software sector: ServiceNow and Salesforce each tumbled 7%. Walmart, meanwhile, saw its market capitalization top $1 trillion intraday (about 145 trillion won). It is the first non–big tech company to break the $1 trillion threshold since Warren Buffett’s Berkshire Hathaway.

◆ROK-U.S. foreign ministers hold talks

Foreign Minister Cho Hyun held talks early today with U.S. Secretary of State Marco Rubio. Having arrived in the United States today, Cho is expected to ask in the meeting that President Donald Trump withdraw or postpone the tariff hike on South Korea that he recently announced. The two are also set to discuss prompt implementation of the joint fact sheet produced from the outcome of the ROK-U.S. leaders’ summit. In particular, regarding South Korea’s private-sector uranium enrichment and spent nuclear fuel reprocessing, Cho plans to seek agreement with Secretary Rubio so that the two delegations can meet soon and begin negotiations. Cho will also attend the “Critical Minerals Ministerial Meeting” hosted by the U.S. State Department tomorrow.

◆President Lee to meet chiefs of top 10 conglomerates

President Lee Jae-myung will meet with the heads of South Korea’s top 10 business groups today. According to the presidential office, Lee will hold a meeting with business leaders at Cheong Wa Dae under the theme of “youth jobs and expanding investment in regional areas.” Attendees include Samsung Electronics Chairman Lee Jae-yong; Choi Chang-won, chairman of the SK Supex Pursuit Council; Hyundai Motor Group Executive Chair Chung Eui-sun; and LG Group Chairman Koo Kwang-mo, along with the owners or senior management of Hanwha Group, Lotte Group, POSCO Group, HD Hyundai, GS Group and Hanjin Group. With Lee putting weight behind balanced regional development centered on the “5 poles and 3 special zones,” the meeting is expected to address policies to encourage companies to invest outside the Seoul area. Lee is also expected to urge corporate participation in expanding youth employment. As President Donald Trump has signaled a renewed hike in reciprocal tariffs on South Korea as well as sectoral tariffs on items such as automobiles, countermeasures to prepare for a worst-case scenario are also likely to be discussed.

◆Arrest warrant for Rep. Kang Sun-woo possibly as early as today

Police plan to seek an arrest warrant as early as today for independent lawmaker Kang Sun-woo, who is suspected of receiving 100 million won from former city council member Kim Kyung in exchange for a nomination. Police re-summoned Kang yesterday as a bribery suspect and questioned her for 11 hours. They are said to have focused on reconciling conflicting statements from key figures in the alleged money transfer. Testimony from Kang, the former council member Kim, and a former aide is reported to be inconsistent. Kang stated that she received a shopping bag from Kim at a hotel in Yongsan in January 2022, but did not realize it contained money for three months until April 20 that year, while Kim and the former aide reportedly rebutted that Kang was aware of the cash.

◆Mild “Start of Spring” with highs up to 12°C

Today, Wednesday, is Ipchun—the seasonal marker for the start of spring—and will be mild, with daytime highs rising to 12°C. Daytime temperatures are forecast at 4–12°C, above the seasonal average (2–9°C). As temperatures climb above freezing across most regions during the day, ice on rivers, lakes and reservoirs may melt and crack, so caution is advised. The central region and Jeju Island will remain overcast, with the southern region also seeing many clouds. In the afternoon, less than 0.1 mm of drizzle is expected in northern Gyeonggi Province, and there may be light rain drops or flurries in inland and mountainous areas of central and northern Gangwon Province. The air will be very dry, especially along the east coast, requiring extra care to prevent wildfires. Waves will reach 0.5–1.5 m in the East Sea nearshore waters and 0.5–1.0 m in the West Sea and South Sea nearshore waters.

Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com