US stocks slip on oil fears while South Korea's Kospi soars 8.4%

U.S. stocks edged lower Thursday as Brent crude oil climbed 1.7% to $106.81 — driven by fears the Iran war could disrupt Strait of Hormuz shipping lanes — while Nvidia's better-than-expected quarterly results failed to energize a market that has already priced in relentless AI optimism.

The split-screen session carries particular weight for Orange County's Korean-American community: while Wall Street slipped, Korean tech stocks staged one of their strongest single-day rallies in months, with Samsung Electronics up 8.5% and chip maker SK Hynix jumping 11.2%, according to The Korea Times.

The S&P 500 fell 0.3%, the Dow Jones Industrial Average dropped 83 points, and the Nasdaq Composite slid 0.4% as of 1:01 a.m. Eastern time, putting the S&P on pace for its fourth decline in five trading days despite having recently hit an all-time high, The Korea Times reported. The 10-year Treasury yield climbed to 4.61% from 4.57%, raising pressure on mortgage rates and corporate borrowing costs.

Nvidia reported quarterly profits and revenue that exceeded analysts' forecasts — including a current-quarter revenue outlook that beat expectations — but the chipmaker's stock still fell 1.4%. The company's shares have already surged roughly 70% over the past year, leaving investors quick to lock in gains rather than chase the headline beat. "The buildout of AI factories — the largest infrastructure expansion in human history — is accelerating at extraordinary speed," CEO Jensen Huang said. Critics of the AI sector have grown louder, with some analysts flagging high valuations and what they describe as circular dynamics in the business model.

Oil's rise to $106.81 per barrel reflected lingering uncertainty about the Iran war's potential disruption to Strait of Hormuz shipping lanes, which funnel a significant share of global crude exports. "The damaging economic impact from the war in the Middle East is becoming increasingly evident in the business surveys," said Chris Williamson, chief business economist at S&P Global Market Intelligence, according to The Korea Times.

Among individual stocks, Walmart fell 7.2% after issuing a weaker profit forecast despite strong revenue. Ralph Lauren jumped 12.2% after beating both profit and revenue expectations. U.S. unemployment claims unexpectedly declined — a sign of fewer layoffs — but softer services sector data complicated the economic picture, keeping traders on edge about the Federal Reserve's next move.

Asia showed a similarly mixed picture: Tokyo's Nikkei 225 gained 3.1%, while Hong Kong fell 1% and Shanghai dropped 2%, The Korea Times reported. Investors will be watching oil prices and any developments in the Strait of Hormuz standoff heading into the next trading session.