US Stock Market: Nasdaq Futures Slip as KOSPI Plunges Nearly 6%, S&P 500 Futures Rise 0.2%

Stock Market futures showed a split reaction Wednesday, July 29, 2026, as Asian chip stocks tumbled. South Korea’s KOSPI plunged nearly 6%, dragged down by a disappointing SK Hynix earnings report. S&P 500 futures edged up 0.2%, while Nasdaq-100 futures slipped slightly. Iran’s resumed attacks on regional targets also lifted oil prices overnight.

KOSPI Plunges Nearly 6% On SK Hynix Earnings Miss

The KOSPI Composite index fell nearly 6% in Wednesday trading, extending a brutal two-day rout. SK Hynix shares dropped almost 9% after its second-quarter profit missed Wall Street expectations. The chipmaker’s operating profit still soared 557% year-on-year to a record 60.5 trillion won.

• That record profit figure equals roughly $41.2 billion for the quarter.
• Samsung Electronics shares also declined sharply in Wednesday’s Asian session.
• The KOSDAQ index fell 3.19% to 683.31 amid the broader tech sell-off.

This follows Tuesday’s separate rout, when the KOSPI tumbled as much as 11% intraday. Concerns over an artificial intelligence “peak-out” and rising Chinese memory chip competition are driving this pressure.

Why Chip Stocks Keep Falling

Global investors are growing increasingly skeptical about the pace of AI infrastructure spending this year. Even blockbuster profit growth, like SK Hynix’s sixfold jump, is failing to satisfy elevated expectations. This dynamic is hitting AI-linked chipmakers across both Asian and US markets simultaneously.

• Micron Technology (NASDAQ: MU) shares sank 8.9% Tuesday despite tripling in value earlier this year.
• Advanced Micro Devices fell 8.1%, while Applied Materials dropped 7.8% in the same session.
• Korean ETF assets tracking semiconductors have shrunk sharply over the past week.

Total assets under management for Korean-listed ETFs fell from 500 trillion won on July 1 to 418 trillion won recently. This rapid unwinding reflects growing anxiety among leveraged retail investors in South Korea’s market.

US Stock Market Futures Show Mixed Signals

US stock market futures pointed to a cautious but stable open Wednesday morning. S&P 500 futures rose 0.2%, while Dow Jones Industrial Average futures hovered near the flatline. Nasdaq-100 futures (^NDX) slipped slightly, reflecting continued caution around AI-linked technology names.

• Tuesday’s actual close saw the S&P 500 add 0.2%, and the Dow jump 1%.
• The Nasdaq Composite slipped 0.2% Tuesday, weighed down by chip stock weakness.
• Coca-Cola climbed 5% Tuesday after reporting 7% revenue growth for the quarter.

The majority of US stocks actually rose Tuesday as corporate earnings beat analyst expectations broadly. This divergence between resilient earnings and chip-sector weakness defines the current Stock Market mood this week.

Big Tech Earnings Loom As Key Catalyst

Two of the “Magnificent Seven” companies are scheduled to report earnings after Wednesday’s closing bell. Microsoft and Meta Platforms results could significantly influence sentiment toward the broader AI trade. Investors are watching closely for any signs of slowing AI infrastructure investment.

• SK Hynix’s disappointing report already raised concerns about an AI spending slowdown.
• Iran’s renewed attacks against US interests added a fresh geopolitical risk layer.
• Oil prices climbed overnight following this escalation in Middle East tensions.

Strong results from Microsoft or Meta could help stabilize sentiment after this week’s Asian sell-off. A disappointing report, however, could reinforce the same AI-related anxiety weighing on Korean chip stocks.

Korean stocks are under huge pressure as AI fatigue hits the chip sector.

Heavyweights like Samsung Electronics and SK Hynix led the sell-off, dragging the broader market lower as investors continue pulling back from AI-related stocks.

After months of AI-driven optimism,… pic.twitter.com/EeFgn8OlNI

— That Martini Guy ₿ (@MartiniGuyYT) July 28, 2026

What This Means For US Investors

The Stock Market’s muted futures reaction suggests investors aren’t yet extending Asia’s panic to Wall Street. Strong US corporate earnings, including Coca-Cola’s beat, continue providing some counterbalance to chip sector jitters. Still, correlated selling in AI-exposed names remains a genuine risk factor.

• US chipmakers with Asian supply chain exposure could face renewed pressure this week.
• Analysts widely expect a slow, uneven rebound in Korean semiconductor shares.
• Individual investor concentration in leveraged ETFs adds volatility risk to any further declines.

Market watchers note that the KOSPI’s plunge stems from valuation concerns, not fundamental profit weakness. SK Hynix’s actual sixfold profit growth underscores this distinction between slowing growth rates and outright earnings deterioration.

Final Thoughts

Wednesday’s Stock Market action highlights a widening gap between Asian AI-stock anxiety and US market resilience. SK Hynix’s earnings miss, despite genuinely strong profit growth, shows how stretched AI-sector expectations have become.

Investors should watch Microsoft and Meta’s upcoming results closely for signals on whether this caution spreads to Wall Street. For now, US futures suggest markets are holding steady rather than following Asia’s sharp overnight decline.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.