The Trading Day · Monday, October 12, 2026

Korea — Kospi −3.5% on its first day back as chipmakers catch up; SpaceX deal sinks T-Mobile 13%

Korea was closed on Friday and over the long weekend, so this morning it pays for a week of chip selling it had only half seen. The Kospi is down 3.5% at 6,397 — its fourth loss in a row and 8.7% below the 7,004 it closed at on 2 October. SK Hynix trades about 3.5% lower and Samsung about 2.6%, as reported; one trigger cited is the Chinese memory maker CXMT, which flagged progress on a product that could compete with theirs. Tokyo is closed for a holiday, Taiwan is flat.

The Morning 10

1 Korea — Kospi −3.5% on its return, fourth loss in a row; SK Hynix about −3.5%, Samsung −2.6%
2 Phone carriers — SpaceX buys airwaves: T-Mobile −13.3%, AT&T −9.8%, Verizon −8.8%, worst day since 2002
3 The week — S&P 500 +1.2% to 0.1% below its record; chip funds −4% to −5%, utilities +4.0%
4 Software, second day up — cloud fund CLOU +3.9%, Snowflake +7.4%, Datadog +7.1%, Palantir +5.2% to a record
5 Power up, borrowers down — Vistra +15.3%, Constellation +15.8% on the week; CoreWeave −8.4%, Nebius −9.0%
6 Oil — Brent $103.88 (−0.8%) after Trump's "energy ceasefire"; Kyiv and Moscow have not confirmed
7 Rates and gold — 10-year yield 5.24%, US bond market closed today; gold fund GLD +1.6% on Friday
8 Asia and Europe — Tokyo closed, Taiwan flat, Hong Kong +0.2%; DAX +1.1% on Friday
9 Print Record — banks Tuesday, ASML Wednesday, TSMC Thursday; PepsiCo 1.8% below its start, Delta's window open
10 US futures +0.3%; bitcoin +0.4% at about $84,000

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