Weekly Market Review - August 22, 2026

Prepared by Sangyong’s Market Intelligence

Executive Summary

Week Character: Global Risk-Off

The week of August 17-21, 2026 was characterized as Global Risk-Off. US markets finished modestly lower with the S&P 500 at -0.91% and the Nasdaq at -1.74%. 4 of 7 Magnificent 7 stocks advanced on the week. Korean markets closed modestly lower, with KOSPI at -0.93% and KOSDAQ at -7.25%.

The 10Y Treasury yield rose 2 bps to 4.65%, with little impact on equity multiples. The Korean won strengthened 2.14% against the dollar, providing a mild FX tailwind for USD investors.

Key stat: Divergent markets — cross-asset selectivity mattered more than directional bets.

Weekly Performance Summary

U.S. Magnificent 7

Korean Market Leaders

Indices

Currency (KRW/USD)

• Monday: ₩1,415
• Friday: ₩1,385
• Weekly Change: -2.14% (KRW strengthened — USD weaker)
• Impact: FX tailwind for USD investors in Korean equities.

U.S. 10-Year Treasury Yield

• Monday: 4.63%
• Friday: 4.65%
• Weekly Change: +2 bps
• Implication: Stable yields — no rate-driven equity repricing this week.

Weekly Trends and Themes

1. US Market Performance

S&P 500: -0.91% | Nasdaq: -1.74% | Dow: -0.34%

The S&P 500 fell -0.91% for the week, with Nasdaq leading the decline at -1.74%. Defensives held up better; the decline was growth/tech-driven.

Magnificent 7: 4 of 7 Mag7 stocks advanced. Best: Tesla (+6.94%), worst: NVIDIA (-4.57%).

Takeaway: Consolidation week — no tactical change needed.

2. Korean Market Performance

KOSPI: -0.93% | KOSDAQ: -7.25% (weekly)

KOSPI slipped -0.93% — a modest pullback; watch whether the selling accelerates or fades.

KOSDAQ dramatically lower (-7.25%), underperforming KOSPI — investors preferring large-cap stability.

Among Korean blue chips: SK Hynix led (+5.17%), Hyundai lagged (-8.39%).

Takeaway: Sideways week — hold existing positions, no tactical action.

3. Currency Impact (KRW/USD)

Weekly KRW Move: -2.14% ₩1,415 → ₩1,385

The won strengthened notably (-2.14%, ₩1,415 → ₩1,385) — a tailwind for USD investors; currency appreciation boosts USD-basis returns from Korean equities.

Investor Implication: Positive for USD investors — total return (price + FX) exceeds the index gain.

Export sector note: KRW strength compresses USD-reported revenues for Korean exporters — margin headwind for next quarter.

4. Treasury Yields

10Y: 4.63% → 4.65% (+2 bps)

The 10Y Treasury yield held steady at ~4.65% (+2 bps for the week) — no yield-driven repricing of equities.

Market Implication: Stable rates support growth stock multiples.

5. Key Weekly Observation

• Wide Mag7 dispersion this week (11.5pp between best and worst) — stock-pickers’ market; index-level moves understate individual name volatility.

Best and Worst Performers

Best (Weekly Upside Movers):

• Tesla: +6.94% █████████████
• SK Hynix: +5.17% ██████████
• Samsung: +2.55% █████
• Apple: +1.23% ██
• Microsoft: +0.60% █

Worst (Weekly Declines):

• Meta: -3.35% ██████
• NVIDIA: -4.57% █████████
• Hyundai: -8.39% ████████████████

Commentary:

Tesla was the standout winner at +6.94% — a weekly gain of this size reflects either strong earnings catalysts, analyst upgrades, or a short-covering squeeze. Verify whether the move is fundamental or technical before chasing.

Hyundai was the clear laggard at -8.39% — a decline of this magnitude warrants a fundamental review. Check whether this reflects a company-specific negative (guidance cut, regulatory headwind) or macro pressure.

6 of 10 stocks advanced. Breadth is healthy — more gainers than losers.

Weekly Review Compiled: August 22, 2026 at 12:10 PM Analysis Period: August 17 - 21, 2026 Data Sources: Daily market reports, Naver Finance, Yahoo Finance, FRED