The KOSPI's recent 9% decline is negatively impacting SK Hynix ($SKHY) and broader semiconductor names, while geopolitical tensions in the Middle East are pressuring oil prices. Conversely, a rotation into software is benefiting assets such as $IGV, $PLTR, $SHOP, $RDDT, $CRM, $NOW, $ADBE, $FIG, and $ZETA. Seasonality data for the S&P 500 suggests July is a period of consolidation for high-beta momentum names, consistent with a 5-year average monthly return of -4.98% for the top decile.