New York Stocks Rise for Second Straight Day on Ceasefire Hopes

News of ceasefire negotiations between Israel and Lebanon positively influenced the New York stock market amid expectations of easing geopolitical risks, leading the market to close higher for the second consecutive day.

Market attention is focused on the release of March Consumer Price Index (CPI) data, which will be the first economic indicator reflecting the energy shock following the Iran war. The March CPI results will be unveiled at 9:30 PM on the 10th, Korean time. March CPI is expected to rise 1% month-over-month, the largest increase since 2022.

Expectations for the Federal Reserve's interest rate cuts have receded due to a surge in international oil prices caused by the Iran war. Coupled with a strong dollar and foreign investor outflows, the won/dollar exchange rate returned to the 1482 won range within a day.

The KOSPI reversed its upward trend after just one day, falling below the 5800 level amid profit-taking after yesterday's surge and selling pressure from foreign investors. The KOSPI closed at 5778.01, down 1.61% from the previous trading day. Samsung Electronics and SK Hynix, semiconductor stocks that led the rally, saw declines of over 3%.