Market status: declines in Asia this morning, Israeli stocks wipe out over $1 billion, and a warning from Jamie Dimon

Trading review: current reports, trends, indices, stock prices, bonds, foreign exchange, commodities, and analyst recommendations.

Asia

A sharp correction this morning as South Korea's KOSPI is down about 4.5%, having dropped more than 5% at one point. Samsung and SK Hynix are leading the declines. In Japan, the Nikkei is losing 1.5%, and in Hong Kong, there are also declines of 2%.

Wall Street

Futures on the Dow and S&P 500 are up 0.2%, while the Nasdaq is down slightly. Yesterday, the market saw a mixed close: the Dow Jones index climbed by about 0.5%, the Nasdaq was pressured by profit-taking in the technology sector and fell by 0.8%, while the S&P 500 index weakened by 0.15%.

The major story of the evening was the sharp fluctuation in Israeli stocks, specifically Taboola and SolarEdge, which together lost over a billion dollars in value. Taboola crashed by 28%, wiping out about $400 million, while SolarEdge crashed by 30%, wiping out about $900 million in a single day. The background: a disappointing forecast by Taboola despite positive results, partly due to a change in Google's policy. SolarEdge presented improved performance but published a low forecast for the next quarter. Conversely, the Israeli company Kaltura rose about 35% as investors focused on its growth and improved second-quarter performance.

Oil

Despite apparent progress in contacts with Iran regarding the Strait of Hormuz, oil is trading stably, with Brent crude around $79 per barrel and WTI around $75.8.

Tel Aviv

The Tel Aviv Stock Exchange has been struggling to find direction lately, detaching itself from global trends. Yesterday, trading closed with declines: the TA-35 index fell by about 0.7%, while the TA-90 index weakened by 0.5%. The star of the trading session was El Al, which jumped by 15% following positive results.

Jamie Dimon's Warning

JPMorgan CEO Jamie Dimon warned about high levels of leverage in financial markets, claiming that a significant portion of debt remains invisible to investors.

"Margin debt is at the highest level ever. There is a lot of debt that you don't see, because it's not called margin debt. It's called by other names. Some of the leverage is hidden and some of it is visible."