[Aug 4, 2026 Korea Market Closing] US S&P 500 Hits Two-Month High and Oil Prices Crash Below $80; Inspection of Future Core Technology Investments in Korean Semiconductor and Automotive Sectors

Market Summary

On August 4, 2026, global stock markets rallied strongly as international oil prices fell below $80 per barrel following news of progress in the Strait of Hormuz negotiations between the US and Iran. With the S&P 500 index in the US stock market hitting a two-month high, distinct individual momentum (drivers for stock price increases) emerged in the Korean stock market, centering on large-cap tech stocks and Korean domestic consumer goods companies.

• 📌 [Favorable Improvements in Global Macro Indicators]: Thanks to progress in the Strait of Hormuz transit negotiations, high oil price risks were mitigated, and the S&P 500 index surged, laying the groundwork for a general risk-on sentiment to flow into the Korean stock market.
• 📌 [Competition in New Semiconductor Storage Technology Intensifies]: In step with the market shift of AI models moving from training to inference (the stage where AI produces results), SK Hynix announced its plan to secure low-power NAND-stacked HBF (High-bandwidth Flash) technology early through a consortium with SanDisk.
• 📌 [Emergence of Regulatory and Policy Risks]: Selling confusion grew among real estate rental business owners following news of the National Tax Service’s plan to abolish the special deduction for long-term holding for long-term rental businesses. Additionally, Coupang Inc. received a 300 billion KRW tax assessment notice, and its fire damage losses were estimated at approximately 350 billion KRW.
• 📌 [Changes in Korean Domestic Consumption Patterns]: Changes in the real economy were detected, with record-breaking hot and humid heatwaves dampening restaurant dining while significantly boosting the consumption of convenient meals such as cold noodles (naengmyeon) and buckwheat noodles (makguksu).

While the global macro environment enjoyed tailwinds from stable oil price declines and a strong US stock market, the Korean stock market is showing a divergent movement due to internal variables, including the fallout from tax reform plans and major corporate tax issues.

Author’s Opinion & Investment Strategy

The current market is backed by macroscopic tailwinds such as stabilizing interest rates and oil prices. However, within the Korean stock market, a stock-specific divergence is unfolding based on the speed of technological innovation and changes in tax policy. Rather than blindly following trending themes, beginner investors should take this time to restructure their portfolios around large-cap, high-quality stocks with proven profitability and solid market dominance, as well as companies securing future growth engines.

• 💡 [Capitalizing on the Growth of the AI Semiconductor Inference Segment]: From a mid-to-long-term perspective, investors should target high-value-added component companies that stand to benefit when the AI market shifts in earnest from training to inference, such as the low-power NAND-stacked HBF technology SK Hynix is focusing on.
• 💡 [Exercising Caution with High-Risk Derivatives]: Due to a recent influx of excessive retail capital into 2x leveraged ETFs (exchange-traded funds that track twice the daily performance of an underlying index, offering high returns and high risks), regulatory moves are underway. During volatile periods, it is safer to focus on cash/spot investments with solid underlying assets.
• 💡 [Paying Attention to Korean Domestic Consumption Trends and Climate-Related Stocks]: Seeking short-term opportunities in Korean domestic sectors where seasonal factors and government policy changes overlap is also a viable strategy. Examples include the food sector, where home meal replacement (HMR) sales are rising significantly due to the prolonged heatwave, or agricultural and fisheries disaster insurance, which benefits from government measures to ease premium burdens.
• 💡 [Real-time Monitoring of Government Policies and Tax Changes]: Major tax reforms, such as the abolition of the special deduction for long-term holding benefits for long-term rental businesses, can exert direct or indirect downward pressure on landlords and the overall construction industry. Risk management for real estate-related asset classes is therefore necessary.

As sudden corporate risks coexist with innovative technology momentum even amidst global tailwinds, investors should form a habit of diversifying their investments, focusing strictly on high-quality companies with outstanding earnings performance.

Deep Dive of News Channels

① Naver Pay Securities - Summary

Naver Pay Securities focused on reporting the future vision of US tech stocks and the aerospace industry, alongside investor sentiment trends among retail investors in the Korean stock market. SpaceX, led by Tesla’s Elon Musk, showed highly encouraging revenue performance in its first earnings release since listing, proving its growth potential by presenting a total group revenue target of 1,430 trillion KRW by 2030. Meanwhile, in the Korean stock market, it covered the trend of 4.61 million retail shareholders firmly holding their shares despite fluctuations in Samsung Electronics’ stock price, as well as the tightening of regulations on the high-risk 2x leveraged ETF market.

• 🔹 [SpaceX Passes Its First Report Card]: Conducting its first earnings announcement since listing, SpaceX recorded explosive revenue growth, lending support to Elon Musk’s vision of achieving 1,430 trillion KRW in group revenue by 2030.
• 🔹 [Firm Trust of 4.61 Million Samsung Electronics Shareholders]: Despite the recent tedious range-bound trading and stock price volatility, the majority of retail shareholders did not leave, displaying a long-term investment tendency by steadily holding onto Samsung Electronics shares.

• Samsung Electronics: Demonstrated that even during periods of maximized stock price volatility, 4.61 million retail investors (‘Donghak Ants’) steadfastly held their shares, playing a key role as a reliable safety buffer for the Korean stock market.
• SpaceX: Proven remarkable revenue growth in its first unveiled earnings release since listing, further solidifying its commercial dominance in the aerospace sector.
• SK Hynix: Announced its development strategy for HBF, a next-generation AI memory technology, laying the groundwork to maintain a leading position in the future global semiconductor technology war.
• Hyundai Motor: Its flagship sedan, the Grandeur, led strong Korean domestic sales and exponentially boosted earnings capacity, receiving high praise as a stable, earnings-backed stock in the Korean stock market.

② Yonhap News Economy - Summary

Yonhap News Economy quickly reported on the plunge in oil prices driven by the potential settlement of Strait of Hormuz transit negotiations between the US and Iran, and the subsequent cheers from global stock markets. Regarding Korean factors, it highlighted changes in physical consumption, noting that people suspended outdoor activities due to a record-breaking heatwave and sought instant cold noodles at home. It also meticulously covered key economic indicators from both public and private sectors, such as the National Tax Service’s massive tax surcharge notice to parent company Coupang Inc. and the government’s support for agricultural and fisheries disaster insurance to overcome the heatwave.

• 🔹 [Oil Prices Dip Below $80 on Hopes of Hormuz Agreement]: Due to eased geopolitical risks, international oil prices fell below $80 per barrel, significantly alleviating global inflation concerns.
• 🔹 [Coupang Inc. Notified of 300 Billion KRW Tax Assessment]: Coupang’s parent company, Coupang Inc., received a massive tax surcharge notice from the National Tax Service in June, and also stated that losses from a major logistics center fire are expected to reach approximately 350 billion KRW.

• Coupang Inc.: As the US-listed parent company, it is exposed to massive cost risks, including a 300 billion KRW tax assessment notice and a 350 billion KRW fire loss, making the management of future financial soundness a critical task.
• Hyundai Motor: Even amid concerns over a slowdown in Korean domestic demand, the Grandeur posted outstanding sales performance, proving itself as a solid leader in the Korean market and showing stable earnings appeal.
• Samsung Electronics: Amid an improving global macro environment and robust retail investor inflows, the company is focusing all efforts on recovering competitiveness in its core memory business.
• SK Hynix: Riding on the strength of US tech stocks, the company is further enhancing its new technology momentum and visualizing diversification strategies, including its partnership with SanDisk.

③ Maeil Business Newspaper - Summary

Maeil Business Newspaper prominently featured the sudden shock brought to private rental business owners by the government’s real estate tax reform plan, alongside revolutionary changes in the automotive and semiconductor sectors. In particular, it analyzed the risk that enormous capital gains tax deduction benefits would cease unless properties are sold within the year due to the plan to abolish the special deduction for long-term holding for long-term rental businesses. In terms of industries, it heavily covered SK Hynix’s moves to secure the ultra-low-power NAND-stacked HBF new technology market with SanDisk to complement the limitations of HBM, as well as the success of Hyundai Motor’s Grandeur in defending its position as the best-selling car in Korea.

• 🔹 [Shock over Nullification of Landlord Tax Benefits]: With the government moving toward abolishing the special deduction for long-term holding, tax exemptions will end immediately if landlords fail to sell their properties within the deadline, sparking concerns over a wave of panic-selling in the housing market.
• 🔹 [SK Hynix-SanDisk Alliance Formed]: To complement the limitations of high-cost, high-price HBM structures, the alliance actively moved to dominate the low-power HBF market, which offers dramatically improved data processing capacity.

• SK Hynix: Aims to capture the next-generation storage market for low-power NAND-stacked HBF through a consortium with SanDisk, directly targeting the AI semiconductor inference segment.
• SanDisk: As a global memory powerhouse, it has formed a joint front with SK Hynix to commercialize next-generation storage technology, maximizing synergy.
• Hyundai Motor: The Grandeur maintained its best-selling car status in July following June, standing tall as the undisputed No. 1 car in Korea by outperforming the strong SUV model, Sorento, by a whopping 2,379 units.
• Samsung Electronics: Amid a semiconductor industry landscape where maintaining technological leadership is crucial, the company continues to stimulate market expectations regarding memory performance improvements and large-scale shareholder return policies.

Top 5 Key Companies of the Day

1. SK Hynix: In order to secure the market for low-power HBF (High-bandwidth Flash), a next-generation storage technology for AI semiconductors, the company formed an alliance with global giant SanDisk, effectively kick-starting its major future growth engine early.
2. Hyundai Motor: Riding on the sensational popularity of its national best-seller model ‘Grandeur’, the company defended its throne as the best-selling car in Korea for two consecutive months in June and July, easily outpacing its rival Sorento and proving its powerful brand power in the Korean market once again.
3. Samsung Electronics: Despite a period of temporary stock price volatility, a solid retail shareholder base of 4.61 million firmly held their shares, playing a crucial role as a reliable pillar driving the Korean stock market.
4. Coupang Inc.: As the US-listed parent company of Coupang, its financial metrics took a direct hit from a massive 300 billion KRW tax assessment notice from the National Tax Service, combined with non-recurring losses of approximately 350 billion KRW from a past major fire at a logistics center.
5. SpaceX: As Elon Musk’s flagship space high-tech enterprise, it proved overwhelming high revenues in its first official earnings release since listing, concretely executing its confident growth blueprint to reach 1,430 trillion KRW in total group revenue by 2030.

Source & Disclaimer

• Source: Naver Pay Securities, Yonhap News Economy, Maeil Business Newspaper
• This content represents a personal opinion and is for reference only.