It seems that there is a lot of movement to pay attention to the expiration date

It seems that there is a lot of movement to pay attention to the expiration date of futures options next week due to profit-taking sales such as Nasdaq and semiconductors in the late market.

The U.S. stock market started mixed as profit-taking sales following recent gains were released ahead of the announcement of the consumer price index. However, as Bitcoin surpassed $50,000 on the strength of related stock groups, it rebounded. While semiconductors, solar power, and quantum computing industries were strong, the index's rise was limited due to the differentiation of large technology stocks and software industries, such as falling due to profit-taking. However, the semiconductor industry also showed changes in the late market, with the tech-heavy Nasdaq turning downward on profit-taking, closing mixed (Dow +0.33%, Nasdaq -0.30%, S&P 500 -0.09%, Russell 2000 +1.75%, Philadelphia Semiconductor Index -0.16%)

*Changing factors: Reach profits amid value burden

According to market research firm FactSet, 67% of the S&P 500 companies reported earnings results, with an earnings surprise rate of 75% and a sales surprise rate of 65%. Although the margin rate was only 11.1%, the operating profit growth rate increased by 2.9% year-on-year. In particular, the communication sector, which is home to large technology stocks, is leading the increase by 45.2% year-on-year. However, for the whole of 2023, it is estimated that the increase was only 0.9% year-on-year. Meanwhile, 73 companies announced first-quarter guidance, of which 52 (71%) announced negative forecasts, and anxiety about future prospects remains

Despite the performance announcement, the index has surged 5.5% since the beginning of the year and 31% since January 2023. As a result, the S&P 500's 12-meter Fwd PER was 20.3 times, significantly exceeding the 10-year average of 17.7 times as well as the 5-year average of 18.9. In particular, the IT industry led the way, surpassing the 10-year average of 20.0 times. In other words, it is noted that the burden of valuation is increasing and the desire to realize profits can increase at any time.

Nevertheless, investor sentiment is solid, with the outlook for the rise in six months hitting 49.0 percent, far exceeding the all-time average of 37.5 percent. However, in the portfolio of institutional investors, their cash holdings increased 0.6 percent to 20.5 percent, and their share and bond shares fell 0.2 percentage points to 51.4 percent and 27.9 percent, respectively, reflecting that institutional investors are partially cashing in. In the end, it is assumed that the positive response of individual investors drove the index's rise. For this reason, the U.S. stock market has recently been undergoing individual theme (AI, Bitcoin, quantum computing, solar power) rather than the index as a whole. As a result, the Russell 2000 index, a small and medium-sized index, jumped 1.75 percent, while the Nasdaq fell 0.30 percent

* Features: Quantum Computing, Chinese Companies, Solar Shares Rise

Nvidia (+0.16%) rose as CEO Jensen Huang announced spending on Tater Centers would double over the next few years, exceeding Amazon's market capitalization (-1.21%). On top of that, news that CalPERS (California Civil Servants Retirement Pension) purchased additional Nvidia and Intel (+1.66%) also helped boost related stocks. However, the gains were reduced to some profit-taking later in the session. ARM (+29.30) rose on the back of Goldman Sachs raising its target stock price. Quantum computing stocks such as IonQ (+4.12%), Regetti Computing (+11.20%), and D-Wave Quantum (+23.85%) surged on news that they would become the most important industrial group in AI without any particular change factors.

Solar companies such as Infase Energy (+5.25%), First Solar (+3.78%), SunPower (+16.20%), Sunrun (+7.33%) and SolarEdge (+7.12%) have been undergoing active restructuring, citing slowing sales caused by high interest rates, and are also on the rise due to the prospect of a decline in solar installations. This is based on the prospect of resetting growth expectations in related industries this year. Pinduoduo (+3.21%) is bullish on news that it is targeting U.S. consumers through Super Bowl ads. Alibaba (+1.56%), Jingdong Dotcom (+2.28%) and Baidu (+0.97%) also rose on news that some of its top-yielding hedge funds increased their positions in China.

Tesla (-2.81%) fell after Elon Musk announced that he was temporarily cutting the price of Model Y because he doesn't like buying cars in the winter. On top of that, analysts say that electric vehicle sales in the U.S. are slower than expected. As Bitcoin topped $50,000 related stocks such as Coinbase (+3.75%), MicroStrategy (+11.02%), Galaxy Digital (+3.30%), Riot Platform (+9.42%), CleanSpark (+14.73%), and Marathann Digital (+14.19%). Teva Pharma (+7.49%) is bullish on Piper Sandler, and home goods maker Royer (+3.42%) is bullish on JPMorgan's upward revision of its investment opinion due to falling interest rates

New York Community Bancorp (-0.20 percent) stabilized after the BoA kept its investment opinion neutral, noting that it planned to reverse the situation on top of insider buying. Other regional banks, including Comerica (+2.45%), Western Alliance (+1.95%), and Zions (+2.87%), as well as big banks such as JPMorgan (+0.45%), BOA (+1.66%) and Wells Fargo (+1.79%). Clothing maker VF Copper (+13.99 percent) surged after one of its founders announced support for activist investor Engaged Capital. Shoe maker Big Lot (-27.99 percent) plunged after Loop Capital downgraded its investment opinion, saying it had lost recognition from consumers and its financial position was negative

* Figures related to Korean stock markets

The MSCI Korea Stock Exchange ETF rose 1.15% and the MSCI Emerging Index ETF gained 0.77%. The Russell 2000 rose 1.75% while the Philadelphia Semiconductor Index fell 0.16% and the Dow Transportation Index fell 0.08%. Night futures are closed. The NDF dollar/won exchange rate, which affected the dollar/won exchange rate closed at 1,328.20 won on Thursday, hit 1,327 won

* FICC: Treasury yields turn downward

International oil prices rose last week on Israel's rejection of a cease-fire agreement, but fell on profit-taking sales. Diplomatic talks in Beirut also suggested potential progress in resolving the Gaza issue. Meanwhile, U.S. and European natural gas fell on news that production facilities had resumed supply after mild weather and extreme weather in January.

The dollar edged higher against other currencies, awaiting consumer price indices and retail sales. The euro strengthened slightly last week, but weakened slightly ahead of the eurozone economic growth report released on Wednesday. The pound strengthened slightly against the dollar ahead of the release of economic data, including Britain's GDP growth. The offshore yuan strengthened slightly against the dollar, while the exchange rate in other emerging economies also remained flat.

Interest rates on government bonds fluctuate in the run-up to the release of consumer price indices and real economic indicators. In particular, the decline in short-term goods is noticeable. The slowdown is expected to continue, with inflation estimates expected to hit 2.9% year-on-year. However, as the index continued to rise, long-term goods rose, showing a steady fluctuation amid limited changes, and eventually ending the decline

Gold falls on stronger dollar, but changes are limited. Copper and nonferrous metals mostly rise. China's stock market remains sluggish, but some investors have narrowed their selling positions as the government's stimulus policy continues. Most of the major nonferrous metals, except lead, rise. Wheat, soybeans and corn edged higher ahead of the release of real economic data amid limited variables.

02/13 Overseas Financial Markets

◆ the U.S. stock market
- - DOW: 38,797.38p (+125.69p, +0.33%)
- - S&P500: 5,021.84p (-4.77p, -0.09%)
- - NASDAQ: 15,942.55p (-48.11p, -0.30%)
- Russell 2000: 2,045.26p (+35.27p, +1.75%)

◆ Korea-related
- MSCI Korea Index ETF: $64.45 (+0.78, +1.23%)
- MSCI Emerging Index ETF: $39.89 (+0.31, +0.78%)
- - Eurex kospi 200(2월 9일): 352.60p (-0.80p, -0.23%)
- NDF exchange rate (1 month): KRW 1,327.36 / KRW 2 down from the previous day is expected to start
- Philadelphia Semiconductor: 4,560.04 (-7.26, -0.16%)

◆ a foreign exchange market
- Dollar Index: 104.119 (+0.008, +0.01%)
- EUR/USD: 1.0772 (-0.0012, -0.11%)
- Dollar/yen: 149.33 (+0.04, +0.03%)
- Pound/Dollar: 1.2629 (+0.0001, +0.01%)

◆ the U.S. Treasury market
- 2-year: 4.4717% (-0.8 bp)
- Five-year: 4.1315% (-0.5bp)
- 10-year: 4.1734% (-0.2bp)
- 30-year: 4.3722% (0.0bp)
- 10Y-2Y: -29.83 bp (0.62 bp inversion)
(Gift of Government Bonds)
- - 2YR T-Notes: 102*09 3/4 (+0*00 1/2, +0.02%)
- - 5YR T-Notes: 107*08   (+0*03 , +0.09%)
- - 10YR T-Notes: 110*23   (+0*04 , +0.11%)
- - US T-Bonds: 119*27   (+0*05 , +0.13%)
- - Ultra US T-Bonds: 126*01   (+0*04 , +0.1%)

◆ Commodity Market ($, sweet grain, copper in cents)
- - WTI: 76.92 (+0.15, +0.20%)
- Brent crude: 82.00 (-0.15, -0.18%)
- Gold: 2,033.00 (-4.80, -0.24%)
- Silver: 22.77 (+0.16, +0.71%)
- Zinc (LME, 3M): 2,320.00 (+19.50, +0.85%)
- Copper: 372.40 (+3.95, +1.07%)
- Corn: 430.50 (+1.75, +0.41%)
- Wheat: 597.50 (+1.00, +0.17%)
- Soybean: 1,193.00 (+9.25, +0.78%)