Editorial companion

What stands out

Seoul's KOSPI staged its best day ever as SK Hynix and Samsung surged, and that regional fireworks bled into the US session, Microsoft added the most market capitalization any company has ever gained in a single day, and the Nasdaq snapped a six-day losing streak. That combination matters because a single mega-cap move can skew index returns, amplify investor concentration risk, and turn what looks like a regional rally into a global risk-on move, impacting holders of Microsoft and exchange-driven businesses like Nasdaq, Inc.