Amazon Tops $3T as U.S. Stocks Rally While Korean Markets Tumble

Market Overview

Global markets diverged sharply on Tuesday. Risk appetite returned to U.S. equities, with Amazon surging more than 20% over the two trading sessions following its earnings release, pushing its market capitalization above $3 trillion for the first time in history. The Nasdaq Composite climbed 2.13% to 25,913.90, the S&P 500 gained 1.48% to 7,600.50, and the Dow Jones Industrial Average advanced 1.32%. Meanwhile, Apple fell roughly 9% over the same two-day period after issuing weaker-than-expected guidance, while Palantir jumped more than 10% in after-hours trading.

On the macroeconomic front, the U.S. ISM Manufacturing PMI rose to 55.6 in July, significantly exceeding the market consensus of 53.9 and marking its highest reading since May 2022. In China, the official Manufacturing PMI came in at 50.9, signaling an eighth consecutive month of expansion.

Asian markets, however, moved in the opposite direction. South Korea's KOSPI plunged more than 5%, while the KOSDAQ triggered a trading halt after breaching circuit breaker thresholds. Semiconductor heavyweights Samsung Electronics and SK Hynix both declined more than 7%, dragging regional technology shares lower. Mainland Chinese equities also closed weaker.

Commodity markets showed mixed performance. WTI crude oil tumbled 5.21% to $80.26 per barrel amid expectations that the Strait of Hormuz could reopen as early as Tuesday. Precious metals posted broad gains, with spot gold rising approximately 1.47% to around 4,108, while the Japanese yen strengthened more than 1% intraday, reaching its highest level in nearly three months.

Market Outlook● SpaceX to Release Its First Earnings Report as a Public Company

SpaceX is scheduled to release its first earnings report since going public today. Investors will focus on the company's revenue trajectory and profitability across its launch services and satellite internet businesses. As one of the market's most closely watched space technology companies, the report will serve as an important test of whether high-growth, premium-valued stocks can continue to justify their valuations, while also influencing sentiment across the broader aerospace supply chain.

● Profit-Taking in Semiconductor Stocks vs. Persistent AI Demand

The sharp selloff in South Korean semiconductor stocks, culminating in a market circuit breaker, suggests that investors are locking in profits after the sector's strong rally. However, recent earnings from major U.S. technology companies continue to reinforce the resilience of AI-related demand. The key question now is whether the current pullback represents a healthy valuation reset or the beginning of a broader trend reversal. Investors will also be watching closely to see whether the growing divergence between Asian and U.S. equity markets begins to narrow.

Key Events to Watch

• SpaceX releases its first earnings report as a publicly traded company.

• AMD announces its second-quarter earnings results.

• U.S. June JOLTS Job Openings report.

• U.S. June Trade Balance, Factory Orders, and Durable Goods Orders.

• Monitor whether profit-taking across Asia's semiconductor supply chain continues, and whether the performance gap between Asian and U.S. equity markets begins to converge.