[Morning Briefing] Nasdaq Hits Record High on Semiconductor Strength... Bitcoin Also Reaches New Highs

◆ New York Stock Exchange, Semiconductor Stocks Strong... Nasdaq Hits Record High

On the 16th local time, major indices of the New York Stock Exchange showed strength in semiconductor stocks. The tech-heavy Nasdaq index surged 1.24% to 21,173.89, marking a record high. The S&P 500 index also rose 0.38% to close at 6,074.22, but the Dow Jones index fell 0.25% to 43,717.85. The market focused on Broadcom. It soared 11.2% as its fourth-quarter sales surged and it was reported to be developing AI chips with Google, Meta, ByteDance, and Apple. As major big tech companies prepare to reduce their dependence on NVIDIA and go their own way, the stock prices of big tech companies like Tesla, Amazon, and Alphabet also rose. However, the U.S. Empire State Manufacturing Index plummeted 31 points from the previous month to 0.2, indicating a manufacturing cold wave.

◆ Bitcoin Continues to Hit Record Highs... Reaches $107,800

The leading cryptocurrency Bitcoin hit $107,800 overnight, setting a new all-time high in just one day. Bitcoin has been rising continuously since President-elect Donald Trump mentioned over the weekend that he would create a Bitcoin reserve fund similar to the oil reserve fund to stockpile it as a strategic asset. The expectation that the Federal Reserve will lower the base interest rate is also a factor driving Bitcoin's strength. If the base interest rate is lowered, there is a greater possibility that funds will move to risky assets like Bitcoin. With the enthusiasm for Bitcoin, Ethereum, the second-largest by market capitalization, also recovered to the $4,000 level.

◆ U.S. Confirms North Korean Military Casualties in Clash with Ukrainian Forces

The Pentagon has officially confirmed for the first time the engagement and casualties of North Korean troops deployed to Russia. Pentagon spokesman Pat Ryder stated that North Korean troops, deployed to Russia's Kursk, engaged in combat with Ukrainian forces last week, resulting in casualties. North Korea has previously deployed about 10,000 troops to assist Russia. Kursk is an area where Russia has struggled to reclaim after it was occupied by Ukraine in August, and North Korean troops are reportedly concentrated there. State Department spokesman Matthew Miller also said, "We have seen North Korean troops killed on the battlefield in Russia," adding that "North Korean troops are legitimate targets."

◆ Constitutional Court Busy Preparing for Yoon's Impeachment Trial... Procedures Begin in Earnest

The Constitutional Court, which has received President Yoon Suk-yeol's '12·3 Martial Law' impeachment trial, is beginning its preparation procedures in earnest. According to the legal community, the court has decided to operate a task force (TF) involving about 10 constitutional researchers. The court plans to designate Justice Jung Hyung-sik as the presiding judge and request opinions or necessary materials from each institution. President Yoon Suk-yeol is also preparing to respond by forming a defense team. It is known that the defense team, led by former Broadcasting and Communications Commission Chairman Kim Hong-il, is searching for prosecutors-turned-lawyers to handle the investigation response and former Constitutional Court lawyers to handle the impeachment trial. The first preparatory hearing for the impeachment trial is scheduled for the 27th.

◆ Sub-zero Cold Snap from Morning... Snow and Rain in Western Regions

Tuesday the 17th will see cold morning temperatures nationwide, with snow or rain expected mainly in Incheon, the western coast of Gyeonggi, the western coast of Chungnam, and the western regions of Seoul. Temperatures will range from a morning low of -9 to 4 degrees to a daytime high of 1 to 10 degrees. Expected snowfall is 1-5cm in southern Gyeonggi and the five western islands, 1cm in Seoul, Incheon, and the northern coast of Gyeonggi, 1-5cm in the southern inland and mountainous areas of Gangwon, 1cm in the central inland and mountainous areas of Gangwon, 1-5cm in Chungcheong, Jeolla, and the mountainous areas of Jeju, and 1cm in Gyeongsang. Fine dust levels are expected to be 'moderate' across all regions.

Osesung Hankyung.com Reporter sesung@hankyung.com