US Stock Market in a Bull Run...After Memory, Is it Non-Memory? | Han Sang-hee, Hanwha Investment & Securities Senior Research Fellow

Summary

Han Sang-hee, Senior Research Fellow at Hanwha Investment & Securities, argues that the US stock market is still in a bull run, with the Dow at record highs and the S&P near all-time peaks. He sees the FOMC as dovish, September rate hike unlikely, and oil in a downtrend, all supportive of equities. Within semiconductors, he urges a shift from memory to non-memory, favoring US non-memory names and the Philadelphia Semiconductor ETF.

• Dow hits all-time high, S&P near record despite Korean market fears.
• FOMC viewed as dovish; September rate hike seen as very unlikely.
• Oil prices declining in a lower-highs trend, easing inflationary pressure.
• US bull market remains intact; investor panic overblown.
• Non-memory semiconductors preferred over memory due to AI demand and better price action.
• Philadelphia Semiconductor ETF recommended as a simple way to play non-memory.
• Geopolitical risks likely to stay contained ahead of US midterm elections.