[Good Morning Market] U.S. Stocks Rise on Relief Over 'Ceasefire Holding'... Korea Eyes '7000-pi' Milestone

by Kim Youngwon

Published 06 May.2026 08:00(KST)

Strong Corporate Earnings Provide Additional Support

Despite ongoing clashes in the Strait of Hormuz in the Middle East, the announcement that the ceasefire agreement between the United States and Iran remains in effect led to a broad rally in the U.S. stock market overnight. The domestic stock market is also expected to reach the "7000-pi" milestone, buoyed by strong corporate earnings.

On the 5th (local time), the Dow Jones Industrial Average closed at 49,298.25, up 356.35 points (0.73%) from the previous session. The S&P 500 index rose 58.47 points (0.81%) to 7,259.22, and the Nasdaq Composite finished at 25,326.13, up 258.32 points (1.03%) from the previous close.

On the 30th, the KOSPI index continued its rise for the fourth consecutive day, hitting an intraday record high. The domestic stock market index is displayed on the electronic board in the dealing room of Hana Bank in Jung-gu, Seoul. April 30, 2026 Photo by Jin-Hyung Kang

News that the ceasefire is being maintained, even as the United States and Iran engage in minor and major skirmishes over the Strait of Hormuz, pushed international oil prices lower. U.S. Secretary of Defense Pete Hegseth stated at a press briefing that the ceasefire with Iran remains in place. As a result, July Brent crude futures fell 3.99% from the previous session to $109.87 per barrel, while June West Texas Intermediate (WTI) futures dropped 3.90% to $102.27 per barrel.

Strong corporate earnings also contributed to the rise in U.S. equities. With expectations of surging demand for artificial intelligence (AI) graphics processing units (GPUs) and central processing units (CPUs), shares of Micron, SanDisk, and Intel each jumped by double digits. AMD also surged by more than 10% in after-hours trading. The Philadelphia Semiconductor Index (SOX) soared 4.2%, hitting an all-time high.

Thanks to these developments, the domestic stock market is expected to challenge the KOSPI 7000-point level. Han Ji-young, an analyst at Kiwoom Securities, commented, "On the 6th, despite concerns over war-related noise between the United States and Iran, elevated oil prices, and interest rate burdens, the strong performance of the Philadelphia Semiconductor Index and AMD's after-hours price surge are expected to improve foreign investor conditions, paving the way for the KOSPI to attempt a breakthrough of the 7000-point mark."

Seo Sangyoung, an analyst at Mirae Asset Securities, also said, "The MSCI Korea ETF surged 6.04%, while the MSCI Emerging Markets ETF rose 2.03%. I am optimistic about the KOSPI reaching 7,000 points."