October 26 Market Report: AMD Logs the Biggest Loss
AMD fell 0.08%, posting the largest decline among major technology stocks.
Major U.S. stocks on October 23, 2026 were essentially flat. Most issues moved within a range of ±0.1%. Even as the New York market closed lower amid a surge in oil prices and interest-rate pressure, individual large caps failed to find direction and remained in a modest pullback. Of the 27 stocks surveyed, 8 rose, 17 fell, and 2 were unchanged.
Slightly Lower Close... Chip Stocks Lead Declines
The day's biggest losers included a large number of semiconductor and AI-related names. AMD slipped 0.08% to 507.93 won, while Intel fell 0.08% to 85.49 won. ASML dropped 0.07% to 1,560.54 won and Meta lost 0.07% to close at 648.85 won. Micron also eased 0.06% to 856.49 won, as the semiconductor sector as a whole stayed weak.
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| AMD | 507.93 won | -0.08% | 0.83 trillion won | 129.6 |
| Intel | 85.49 won | -0.08% | 0.45 trillion won | - |
| ASML | 1,560.54 won | -0.07% | 0.60 trillion won | 38.4 |
| Meta | 648.85 won | -0.07% | 1.65 trillion won | 22.1 |
| Micron | 856.49 won | -0.06% | 0.97 trillion won | 11.5 |
| TSMC | 412.35 won | -0.05% | 2.14 trillion won | 26.7 |
| Broadcom | 323.24 won | -0.04% | 1.54 trillion won | 43.2 |
| Nvidia | 212.21 won | -0.04% | 5.12 trillion won | 26.8 |
As the table shows, the biggest decliners were concentrated in the semiconductor value chain. Foundry TSMC fell 0.05%, equipment maker ASML 0.07%, and memory chipmaker Micron 0.06%, signaling broad weakness across design, production, and equipment. Some in the market interpret the move as renewed inflation concerns from rising oil prices weighing on the valuations of AI-related stocks. Still, with all losses under 0.1%, most view the pullback as a cautious pause rather than panic selling.
Top Market Caps Sideways... Nvidia and Apple Locked in a 5 Trillion Won Duel
The very top of the market-cap rankings showed an extremely thin gap. Nvidia held first place at 5.12 trillion won, but Apple closed in at 5.08 trillion won, within 0.4%. Nvidia edged down 0.04% while Apple rose 0.01%, diverging slightly in direction, though the gap remains marginal. Alphabet effectively kept a top-four scale by combining GOOGL at 3.97 trillion won and GOOG at 3.92 trillion won, followed by Microsoft at 3.87 trillion won and Amazon at 2.70 trillion won.
In terms of price-to-earnings ratio (P/E, the stock price divided by earnings per share), the temperature gap between sectors is stark. Alphabet is the cheapest among large tech names at 16.1–16.3 times, and Micron has fallen to 11.5 times. By contrast, Tesla trades at 411.6 times, Palantir at 173.6 times, and AMD at 129.6 times, all carrying triple-digit valuations. AbbVie's P/E of 80.6 times and Eli Lilly's and Costco's 43.9–49.0 times are also demanding levels. Within tech alone, undervaluation and overvaluation coexist.
What the Gainers Mean... Defensive, Consumer and Pharma Strength
The roster of the day's gainers is telling. Johnson & Johnson rose 0.04%, and Eli Lilly added 0.03%. Visa and Mastercard each gained 0.02%, while Walmart (0.03%), Costco (0.02%), and Berkshire Hathaway (0.01%) also advanced. The pattern points to defensive sectors—healthcare, consumer staples, payments, and insurance—that are relatively less sensitive to a slowing economy.
| Stock | Price | Change | Market Cap | P/E |
|---|---|---|---|---|
| Johnson & Johnson | 267.61 won | +0.04% | 0.64 trillion won | 40.6 |
| Eli Lilly | 1,306.69 won | +0.03% | 1.17 trillion won | 43.9 |
| Walmart | 121.12 won | +0.03% | 0.96 trillion won | 43.9 |
| Visa | 414.34 won | +0.02% | 0.78 trillion won | 35.3 |
| Mastercard | 633.21 won | +0.02% | 0.55 trillion won | 34.8 |
| Berkshire Hathaway | 546.97 won | +0.01% | 1.17 trillion won | 13.8 |
Berkshire Hathaway's P/E of 13.8 times also catches the eye. Across the entire survey, only Berkshire (13.8), JPMorgan (14.1), Alphabet (16.1–16.3), and Micron (11.5) trade below 20 times. The textbook interpretation: in an environment where market rates approach 5%, stocks with stable earnings power and low valuations gain relative appeal.
The Gap Between Earnings Growth and Valuation
Earnings-per-share (EPS) growth data show extreme figures. Palantir posted growth of 22,857.1%, AMD 16,435.6%, and Intel 9,865.5%. These are understood as statistical distortions from a very low earnings base. By contrast, Tesla is at -4,709.0%, Chevron -3,186.5%, and Meta -256.0%, all in earnings-decline phases. Tesla in particular, with a P/E of 411.6 times alongside negative earnings growth, is seen as carrying the heaviest valuation burden.
Index-tracking exchange-traded funds (ETFs) moved in tandem. SPDR (SPY) and Vanguard (VOO), which track the S&P 500, each slipped 0.01%, while QQQ, which tracks the Nasdaq 100, fell 0.03%. The fact that QQQ's decline exceeded that of S&P 500 ETFs confirms that indexes with heavier tech weightings faced greater downward pressure. The two index ETFs' P/E ratios of 27.0 and 24.3, respectively, show that overall market valuation is hovering above historical averages.
Outlook... Macro Variables Will Set the Direction
The short-term trajectory hinges on macro data. According to market forecasts compiled by Yonhap News, September headline personal consumption expenditures (PCE) prices are expected to rise 0.5% month-on-month, with core PCE up 0.3%. Third-quarter gross domestic product (GDP) growth is forecast at a 3.0% annualized pace. If inflation comes in above expectations, rate-cut hopes could fade, widening the correction in richly valued tech stocks.
Oil at $116 and U.S. rates approaching 5% pose a dual squeeze. Indeed, the Dow Jones Industrial Average closed down 1.23% among the three major New York indexes. Still, individual large-cap volatility being capped within 0.1% suggests that index-level pressure has not yet spread into fundamental concerns for individual stocks. The next few weeks, when the FOMC meeting and Big Tech earnings overlap, are expected to be a turning point for the AI rally. Relative strength in defensive sectors and low-P/E large caps is likely to persist for the time being.
