Global stocks slumped to a two-week low as the tech sector came under renewed pressure after a selloff in Apple Inc.’s shares and a report that OpenAI may delay its initial public offering. South Korea’s chip-heavy market was hit by a second trading suspension this week as the Kospi tumbled as much as 9%, while a broader gauge of Asian stocks plunged 3.2%. Nasdaq 100 futures were down 1.5% while S&P 500 contracts slid 0.8%. Shares of Apple’s Asian suppliers retreated. The iPhone maker’s stock lost 6.1% in the US after it raised prices on Macs, iPads and home devices.
In Tokyo, SoftBank Group Corp.’s shares plummeted 14% after the New York Times reported that OpenAI was leaning toward holding off the IPO until 2027, delaying potential returns for its Japanese backer. The Nikkei 225 was down nearly 5%. A decline in oil prices did little to improve sentiment for equity traders. Brent crude fell to trade below $74 a barrel after climbing on Thursday, when a projectile strike on a vessel in the Strait of Hormuz renewed concerns about safe passage through the vital waterway following a recent pickup in traffic. Futures had briefly erased all their wartime gains before the ship attack. Global equity markets are capping a volatile week that has seen concerns over the potential payoff from massive AI investments drive sharp moves in tech stocks. Although Micron’s earnings provided some reassurance, the latest developments have made investors cautious again. The MSCI All Country World Index is down nearly 3% in June, heading for its first monthly decline this quarter. On Thursday, the Nasdaq 100 Index finished up 0.8% after having climbed as much as 2.1%. Besides Micron, Qualcomm Inc. shares also jumped after it forecast annual sales of more than $15 billion from artificial intelligence components in data centers by fiscal 2029. The S&P 500 ended flat, with the selloff in Apple’s stock offsetting an early rally fueled by Micron Technology Inc.’s blockbuster results. In Asia, however, shares of chipmakers SK Hynix Inc., Samsung Electronics Co. and Kioxia Holdings Corp. were among the biggest drags on the Asian benchmark on Friday, following a surge in the previous session. For investors in South Korea, swings this week are yet another reminder that the market’s fortunes remain closely tied to the AI trade. Sharp moves in semiconductor heavyweights have made the Kospi behave more like a single technology stock than a diversified index. Meanwhile, Samsung and SK Hynix are preparing to announce hundreds of billions of dollars worth in new investments on Monday, according to local media reports. Elsewhere in markets, gold hovered around $4,000 an ounce, while silver lost 2.5%. Iron ore was on track for a seventh weekly loss, the worst run since 2022, as demand weakened seasonally and mill margins narrowed. The Bloomberg Dollar Spot Index was steady, staying near a seven-month high reached earlier in the week. The yield on 10-year Treasuries fell two basis points to 4.37%. The dollar is wrapping up one of its best months in a year, with a raft of Wall Street banks expressing renewed faith in the US currency. Bond traders trimmed bets for a Federal Reserve interest-rate hike in the months ahead after the central bank’s favored inflation gauge rose less than estimated on Thursday. The personal consumption expenditures price index climbed 0.4% in May, below economists’ median estimate for a 0.5% increase. The annual rate accelerated to 4.1%, well above the Fed’s 2% target. Federal Reserve Bank of New York President John Williams said interest rates are well positioned to bring inflation back toward the central bank’s target. Officials left rates steady last week while signaling growing support for rate hikes this year. US After Hours SYNA +10.9% to be acquired by ON -8.6%; FDXF +0.1% reports first quarter post-spin-off.
Nikkei -4.56% Hang Seng -1.66% CSI -2.21% Kospi -7.14% Shanghai -2.07% Shenzen -2.80%
Eur$ 1.1376 CNH 6.8071 CNY 6.8026 JPY 161.63 GBP 1.3200 CHF 0.8088 RUB 75.3600 TRY 46.6207 WTI$ 70.43 -2.09% Gold 4,012 -0.40% BTC 59,670 +0.53% ETH 1,549 -0.57%
S&P -0.73% Nasdaq -1.32% EuroStoxx -0.75% FTSE -0.68% Dax -0.87% SMI -0.36%
Macro :
- EU Extends Tariff Suspension in Boeing-Airbus Trade Dispute
- Hedge Funds Tout Stock Ideas Beyond AI at Sohn Monaco
- Hedge Funds Tout Stock Ideas Beyond AI at Sohn Monaco
- U.S. Military’s Weapons Shortage Shows Few Signs of Easing Soon
- Zambia State-Owned Miner ZCCM Seeks to Revive London Listing: FT
Keep an eye on :
Keep an eye on :
- AIR FP : EU Extends Tariff Suspension in Boeing-Airbus Trade Dispute
- AKTR GY : Aktor to Seek Holder Approval for Capital Hike on July 16
- AAPL US : Apple Supplier Lingyi Set for HK Debut After $1.1 Billion Float
- BAYN GY : Bayer Win in Supreme Court Roundup Case Is No ‘Silver Bullet’
- BAYN GY : Bayer Win in Supreme Court Roundup Case Is No ‘Silver Bullet’
- BPM IM : Credit Agricole Tells Italy Plans to Boost BPM Stake
- CLOUD NO : Cloudberry Clean Energy Agrees to Acquire Nordic Wind Assets
- ACA FP : Credit Agricole Tells Italy Plans to Boost BPM Stake
- DEMANT DC : Demant’s Latest AI Hearing Aid Fuels Best Quarter in 26 Years
- EDF FP : Edison, EDF, Nuward, Italian Firms Sign SMR Nuclear Deal
- SAV LN : European Lithium Miner Eyes Secondary Listing as Interest Grows
- IDIA SW : Idorsia Finalizes CHF250 Million Loan Deal with Pharmakon Advisors-managed Funds
- ML FP : Michelin to Wind Down Tuscaloosa Plant, Record €220m Provision
- ML FP : Michelin to Wind Down Tuscaloosa Plant, Record €220m Provision
- Nordic Nioscience IPO : Nordic Bioscience to Decide on IPO After Fall Trial Data: Borsen
- OCI NA : OCI Court-Appointed Directors Evaluating NNS Offer
- SCR FP : SCOR Ordered to Pay Covéa $488.3m in Arbitration
- SPCX US : SpaceX Plans New Starlink Mobile Service for US Consumers: FT
- SPCX US : SpaceX Plans to Build Natural Gas Pipeline to Fuel Rockets: Rtrs
- STLA IM : Stellantis, Nissan in Talks to Buy Assets From Troubled Marelli
- SYNA US : ON Semi to Buy Synaptics for Enterprise Value of About $7b
- VWS DC : Vestas Gets US Orders for 869 MW for Undisclosed Projects
- ZAL GY : German BaFin Opens Audit of Zalando’s 2025 Financial Statements