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Kospi −3.5%, SpaceX Sinks T-Mobile 13%: Morning 10

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

Seoul missed two days of the US chip sell-off and pays for it today: SK Hynix about −3.5%, Samsung −2.6% early. On Friday the US phone carriers had their worst day in decades — T-Mobile −13.3%, AT&T −9.8%, Verizon −8.8% — after SpaceX bought airwaves for a mobile network. The S&P 500 ended the week 0.1% below its record; banks report Tuesday, inflation data Wednesday.

In this edition

KS11.INDX 000660.KS 005930.KS EWY TMUS T VZ SPCX

The Morning 10 Mon, Oct 12, 2026 ~90 seconds 08:00 CET

The ten points

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.

Friday in New York belonged to a different fight. SpaceX agreed to buy nationwide mobile airwaves, and the three US phone carriers had their worst day in decades: T-Mobile −13.3%, AT&T −9.8%, Verizon −8.8%. The rest of the market rose — the S&P 500 +0.6% to 7,811.54, 0.1% below Tuesday's record — and software kept climbing while chips fell again.

Oil eases after President Trump said Russia and Ukraine agreed to stop attacking each other's energy facilities: Brent $103.88 (−0.8%). S&P 500 futures +0.3%. The big banks report on Tuesday, US inflation data come on Wednesday, ASML on Wednesday and TSMC on Thursday.

  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

  1. Korea — Kospi −3.5% on its return, fourth loss in a row; SK Hynix about −3.5%, Samsung −2.6%

    Structure

    KS11.INDX000660.KS005930.KSEWY

    What
    South Korea reopened after Friday's Hangul Day holiday and the weekend, and sold off: the Kospi is down 3.46% at 6,396.83 (05:36 UTC), 8.7% below its 2 October close of 7,003.74. It missed the end of a week in which the US chip index fund SOXX fell 5.0%. SK Hynix trades about 3.5% lower and Samsung Electronics about 2.6% lower in early trade, as reported by Investing.com and Korean market summaries. The reasons given: the US chip losses, higher US yields, the Middle East, and a progress report from the Chinese memory maker CXMT on a product that could rival Korean memory. Foreign ownership of Samsung is reported at its lowest in almost 19 years. SK Hynix had already fallen 8.7% in the week to Thursday, to ₩1,681,000; Samsung 5.1% to ₩262,000.
    If
    the Kospi closes the day with a loss of 3% or more
    Why
    Korea is the cleanest read on the memory trade — a full catch-up today says the selling is about memory prices and Chinese competition, not just one bad week for US chips
    Then
    the memory and HBM page follows the memory makers and their prices

    Open the detail →

  2. Phone carriers — SpaceX buys airwaves: T-Mobile −13.3%, AT&T −9.8%, Verizon −8.8%, worst day since 2002

    Structure

    TMUSTVZSPCXXLC

    What
    SpaceX agreed to buy a nationwide block of 800 MHz mobile spectrum from Grain Management — airwaves T-Mobile had sold for $2.9 billion only two months ago. The deal still needs approval from the US regulator, the FCC. Investors read it as the outline of a fourth national phone network built on Starlink satellites, competing for monthly phone bills rather than just filling coverage gaps. The carriers sank on Friday: T-Mobile −13.3% to 148.58, its worst day since 2013; AT&T −9.8%, its worst since 2000; Verizon −8.8%, its worst since July 2002 (CNBC). AT&T and Verizon also went ex-dividend on Friday, so their share prices dropped further — Verizon from 46.35 to 41.65. The communication-services fund XLC fell 1.5%. SpaceX rose 1.3% to 162.57.
    If
    the carriers fall again today
    Why
    a second down day would mean the market is pricing lower phone prices for years, not a one-day shock — that hits the dividend payers many income investors hold
    Then
    the T-Mobile page shows the drawdown and how the stock trades against its sector

    Open the detail →

  3. Agentic Winners 40 Forty names positioned to win the agentic transition — tracked as a live index, daily. Open AW40 →

  4. The week — S&P 500 +1.2% to 0.1% below its record; chip funds −4% to −5%, utilities +4.0%

    Structure

    SPYRSPSOXXXLUXLV

    What
    The S&P 500 rose 0.59% on Friday to 7,811.54, up 1.15% on the week and 0.09% below Tuesday's record close of 7,818.93. The Dow gained 0.83% to 51,654.95, the Nasdaq Composite 0.64% to 27,366.17. The equal-weight S&P 500 fund RSP rose 1.58% on the week — more than the index itself. Underneath, money left the chipmakers and went to safer sectors: SOXX −5.0% and SMH −4.3% on the week, while utilities (XLU) gained 4.0%, consumer staples 3.6%, energy 3.6%, health care 2.8% and financials 2.3%. The Nasdaq-100 fund QQQ added only 0.2%, the small-cap Russell 2000 lost 0.9%. The volatility index VIX closed at 14.84.
    If
    the S&P 500 closes at a record while the chip funds stay down
    Why
    a record without the chips would be the first in this cycle — leadership moving to utilities, health care and software, not a market topping out
    Then
    the market-structure page tracks breadth against the index

    Open the detail →

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