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South Korea’s KOSPI tripped circuit breakers and shed 15% this week, pulling EWY down 15% and putting QQQ’s pre-market open on watch.

NVDA and AVGO together hold roughly 15% of QQQ and both depend on Korean memory supply chains now rattled by the KOSPI collapse.

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South Korea’s KOSPI tripped circuit breakers in early Monday local trading and is down roughly 7.25% as of 10:45 p.m. ET, an abrupt break in what had been the top-performing major market in the world this year. The question now: does the contagion hit the Nasdaq when New York opens?

What’s Happening in Overnight Trading

The setup is brutal. The KOSPI is still up roughly 75% year-to-date but has shed about 15% since last Tuesday, and the index is dominated by memory-chip giants Samsung and SK Hynix. The iShares MSCI South Korea ETF (NYSEARCA:EWY), the cleanest US-listed proxy, already tumbled 7.7% Friday after Broadcom issued a lower-than-expected AI semiconductor revenue forecast, and is down 14.89% over the past week.

US futures are mixed and unsettled. Nasdaq futures sit up about 0.16% as of 9:45 p.m. ET, while S&P 500 and Dow futures are red, with reports that Iran fired missiles at Israel compounding the pressure. In a Financial Times interview Sunday night, President Trump said of Israeli PM Benjamin Netanyahu: “I call the shots. I call the shots. He doesn’t call the shots,” and said Israel would have to accept a ceasefire. Geopolitical uncertainty is compounding the uncertainty that built on Friday after Treasury yields spiked.

Stocks to Watch Tomorrow

The contagion pathway runs straight through the Invesco QQQ Trust (NASDAQ:QQQ). Top holdings NVDA (9.74%), MSFT (8.63%), AAPL (7.95%) and AVGO (5.57%) all depend on Korean memory supply. NVIDIA (Nasdaq: NVDA) CEO Jensen Huang is currently in South Korea and signed a major deal with SK Hynix over the weekend. He hasn’t been outwardly bothered by the sell-off. He said today, “Everybody should be very excited, they can now buy stock at a cheaper price.”

Update 1: Futures at Midnight

U.S. futures are holding in overnight. As of midnight, the Nasdaq is up about .66% while S&P 5000 futures are up .22%. On platforms with 24-hour trading, NVIDIA is up 1.2% overnight while Micron is up 4%. Expect volatility before U.S. markets open tomorrow, but it should be noted the KOSPI continues to rebound. Shares of the Nikkei 225 are down 3.78% headed into the afternoon session.

Update 2: Morning Futures at 8 a.m.

As of 8 a.m. ET, Nasdaq futures are now solidly in the green, up 1.25%. S&P 500 futures are also up .66%. Trump continues to insist negotiations are ongoing with Iran, but continuing reports point to Israel bombing petrochemical facilities inside Iran.

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Shares of NVIDIA are up 2.25% in premarket trading. Stocks that dropped a substantial amount on Friday are the biggest movers. Marvell Technology shares are up 8.6% after it was announced on Friday the company would be added to the S&P 500. Micron shares are up 6.9% in premarket trading.

Update 3: Nasdaq Gains Holding into Afternoon Trading

As of 12:05 p.m. ET, the Nasdaq is up 1.5% while the S&P 500 is up .71% and the Dow Jones is up .20%.

The Information Technology sector is up 2.46% followed by the Energy sector which is up 1.16%. The worst performing sectors are Communications Services (Down 1.22%) and Utilities (Down 1.15%). Marvell (Nasdaq: MRVL) has regained a large amount of Friday’s losses. Shares of the stock are up 13.7%. Other winners include Intel (up 12.8%) and Micron (up 10.7%).

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