Kospi opens lower on tech losses

Stocks opened lower Tuesday, tracking overnight losses in technology shares on Wall Street, as investors remained cautious ahead of key events, including the upcoming earnings release from U.S. chip giant Nvidia.

The Kospi fell 161.03 points, or 2.4 percent, to 6,535.93 at the opening bell.

The index dropped by more than 3 percent the previous session on a sharp drop in chipmakers, such as Samsung Electronics, amid renewed woes over the profitability of AI-related investments.

Overnight, U.S. stocks closed mixed, with the Dow Jones Industrial Average rising 0.26 percent, while the tech-heavy Nasdaq Composite fell 0.76 percent.

Investors are also weighing escalating geopolitical tensions in the Middle East while awaiting U.S. economic data and corporate earnings due this week.

Federal Reserve Gov. Kevin Warsh is expected to speak at the annual Jackson Hole gathering in Wyoming on Friday, which will provide clues to the Fed's monetary policy outlook amid persistent inflation.

Yonhap