---
title: "Nasdaq points lower as Seoul unwinds Monday's AI bounce"
url: "https://etf.net/news/nasdaq-points-lower-as-seoul-slips-2026-10-20"
published_at: "2026-10-20T11:16:05.531Z"
updated_at: "2026-10-20T11:16:05.531Z"
byline: "ETF.net Research"
---

# Nasdaq points lower as Seoul unwinds Monday's AI bounce

Elice closed 32% below its offering price, and a rise in oil added to the pressure before the open.

By ETF.net Research. Published Oct 20, 2026.

Monday's bounce in AI-linked shares is coming undone before the U.S. open. South Korea's Kospi closed down **3.7%** at 5,552.74, and Nasdaq-100 futures were down 0.5% from Monday's settlement around 7 a.m. ET.

Reuters said the futures were under pressure from renewed weakness in AI-linked stocks and a rebound in oil, with earnings from major technology companies still ahead.

The Invesco QQQ Trust, Series 1 QQQ, which tracks the Nasdaq-100, gained 1.2% on Monday. Around 7 a.m. ET it was indicated 0.6% below that close.

## A debut flop, then a chip selloff

Elice, a Seoul data-center company, closed its first session on South Korea's tech-heavy Kosdaq at 61,500 won, **32%** below the 90,500 won offering price. Bloomberg reported that the listing raised 201 billion won, or $151 million, in the Kosdaq's biggest initial public offering this year, and that the retail tranche was oversubscribed 400 times.

The selling was not confined to the new stock. Yonhap, South Korea's news agency, reported Samsung Electronics down 3.0% and SK hynix down 4.2%, and said investors were cashing in recent gains in major chip shares on persistent concerns about the AI industry.

Japan's Nikkei 225 and Hong Kong's Hang Seng Index each fell 1.3%.

The iShares MSCI South Korea ETF EWY rose 4.1% on Monday. Around 7 a.m. ET it was indicated 3.5% below that close, handing back most of the gain.

Chart: EWY slid farther than QQQ, then bounced harder

By 6:50 a.m. ET in Amsterdam, ASML was down 2.8% and fellow chip-equipment maker ASM International was down 3.0%.

A weak debut, on its own, is one listing. Seoul's 3.7% drop, with the big chipmakers down and most of Monday's gain in EWY gone, is the wider check on that bounce.

## Oil rises on claims Saudi Arabia has not confirmed

Brent crude was at $111.30 a barrel around 7 a.m. ET, up 1.6% from Monday's settlement. Reuters said traders were pricing in a geopolitical risk premium after attacks by Yemen's Houthis on Saudi infrastructure and reports of attacks on ships in the Gulf. Saudi authorities had not confirmed the claims, and Reuters said it could not independently verify them.

The United States Oil Fund USO was indicated 2.2% above Monday's close.

## 3M raises its full-year forecast

3M reported third-quarter adjusted earnings of $2.50 a share, up 12% from a year earlier. It raised its full-year adjusted forecast to $9.10 to $9.15 a share from the $8.80 to $8.95 range it set on July 21. The company said the new figure also reflects a change in how it adjusts earnings.

3M shares were indicated 2.1% above Monday's close in premarket trading.

At 8:30 a.m. ET the U.S. Census Bureau releases September housing starts. CME Group's Econoday calendar puts the consensus at 1.305 million, at a seasonally adjusted annual rate, against 1.275 million in August.

The Wall Street Journal's live markets page lists results after the close from SpaceX, which is releasing its second earnings report as a public company, and from Netflix.

Source: etf.net, https://etf.net/news/nasdaq-points-lower-as-seoul-slips-2026-10-20. Please cite the page URL.