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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

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

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

The full Morning 10 →

The Midday 10

Chips — memory and optics sold again: Lumentum −7.7%, SanDisk −6.5%, chip fund −2.6%; Meta +3.8%

  • 1 Memory and optics sold: Ciena −7.8%, Lumentum −7.7% to $1,018, SanDisk −6.5% to $1,479, Coherent −5.6%, Corning −5.0%, Micron −4.0% to $988
  • 2 Chip makers down again: SOXX −2.6% to $544.90, SMH −2.1%; Marvell −4.1%, Arm −4.0%, Intel −3.6%, AMD −3.4%, Nvidia −1.5%
  • 3 Green open, red by 11:00: S&P 500 flat, Nasdaq-100 −0.6%, Dow +0.4%, Russell 2000 −0.2%

All ten lines →

On the tape

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