---
title: "Seoul jumps 6.6% on SK Hynix, and New York is not matching it"
url: "https://etf.net/news/seoul-jumps-on-sk-hynix-2026-10-28"
published_at: "2026-10-28T11:35:38.875Z"
updated_at: "2026-10-28T14:29:04.267Z"
byline: "ETF.net Research"
---

# Seoul jumps 6.6% on SK Hynix, and New York is not matching it

Huge Korean chipmaker earnings leave US cold on open, while oil rises on Houthi-claimed missile hit on a Saudi refinery, and the 10-year yield sat above 5% ahead of Fed decision

By ETF.net Research. Published Oct 28, 2026.

Seoul's benchmark stock index closed up **6.63%** on Wednesday after SK Hynix reported a record quarter. U.S. futures were nowhere near that size.

Around 7 a.m. ET, Nasdaq-100 futures were up **0.4%** and S&P 500 futures were up 0.1%, while Dow futures were down 0.3%. Reuters attributed a rise in Nasdaq futures to memory-chip stocks after the results.

## The quarter that moved Seoul

[SK Hynix](https://news.skhynix.com/en/q3-2026-business-results) said third-quarter revenue was 104.6 trillion Korean won, up 328% from a year earlier, and operating profit was 83.3 trillion won, up 632%. The operating margin was **80%**. [CNBC](https://www.cnbc.com/2026/10/28/sk-hynix-third-quarter-profit.html) said that profit compared with an estimate of 76.7 trillion won.

The company said it expects demand for memory chips to exceed supply through 2030. It also plans about 100 trillion won of shareholder returns for 2026.

South Korea's Korea Composite Stock Price Index, the Kospi, closed at 6,012.44. [Seoul Economic Daily](https://en.sedaily.com/news/2026/10/28/kospi-reclaims-6000-as-samsung-jumps-9-percent-sk-hynix-11) reported it was the first close above 6,000 in 10 trading sessions. SK Hynix rose 10.9% and Samsung Electronics rose 9%.

A U.S. fund that holds that market, the iShares MSCI South Korea ETF EWY, had a bid of $163.12 before the US market open. That was 3.6% above Tuesday's close of $157.46, less than Seoul's 6.63% gain.

Chart: **Samsung** and SK hynix dwarf the rest of EWY

The bid in a U.S. chip fund was smaller still. In the iShares Semiconductor ETF SOXX, buyers were bidding $516.91 before the open, 1.1% above Tuesday's close of $511.06.

## An unconfirmed strike, and a rate decision expected to be a hold

The chip news is not the whole morning. West Texas Intermediate crude was at $101.68 a barrel before the open, up 1.8% from Tuesday's settle of $99.90. [CNBC](https://www.cnbc.com/2026/10/28/oil-prices-rise-after-attack-on-saudi-arabian-refinery-reignites-supply-concerns.html) reported that prices rose after Yemen's Iran-aligned Houthis said they had hit Saudi Arabia's biggest oil refinery, a plant that processes 550,000 barrels a day, with a missile. Saudi authorities had not immediately confirmed the strike.

The larger question for supply is still open. The Wall Street Journal reported that the United States has told several Gulf countries it may conduct a brief, forceful military operation against Iran after the midterm elections. The same report said President Donald Trump has not made a final decision, and that the White House would not comment on sensitive military plans that may or may not exist.

The U.S. Federal Reserve announces its interest rate decision at 2 p.m. ET, with a press conference at 2:30 p.m. The target range is 3.75% to 4%, after a quarter-point increase [on Sept. 16](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm). [CNBC](https://www.cnbc.com/2026/10/27/stock-market-today-live-updates.html) said CME Group's FedWatch, a gauge of rate odds, put the chance of a hold at roughly 92%, and that some expect Chairman Kevin Warsh to signal further increases.

The 10-year Treasury yield was at 5.01% early Wednesday, the same CNBC report said, up more than 1 basis point. That is already above the 4% top of the Federal Reserve's range.

Alphabet and Microsoft report after the close. [CNBC](https://www.cnbc.com/2026/10/28/investors-brace-for-a-hawkish-hold-and-tech-on-tap.html) said those results are another check on artificial intelligence.

Source: etf.net, https://etf.net/news/seoul-jumps-on-sk-hynix-2026-10-28. Please cite the page URL.