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Technology Pushes US Equity Indexes Lower
US equity indexes fell following a semiconductor-led sell-off in technology that continued into the final leg of trading on Tuesday.The Nasdaq Composite dropped 1.6% to 25,522.1, with the S&P 500 down 0.8% to 7,346.7, and the Dow Jones Industrial Average lower by 0.1% to 50,708.4. All three gauges were off session lows.Technology and energy were standout decliners, down 2.8% and 1.8%, respectively, ahead of Tuesday's close. Marvell Technology (MRVL), Arm (ARM), and Qualcomm (QCOM) declined by at least 7.3% each, the worst-performing three stocks among companies with market capitalizations exceeding $200 billion, according to data compiled by Finviz.West Texas Intermediate crude oil futures fell 3.5% to $88.11, and Brent crude futures slid 3% to $91.40.A deal to end the war in the Middle East could be reached in "two to three days," with the Strait of Hormuz reopening "immediately" after the agreement is signed, President Donald Trump was cited as saying in a CNBC news report. The two countries are nearing a pact "that will not in any way allow nuclear weapons," Trump was cited as saying."Oil gave back most of Monday's gains after Israel and Iran halted hostilities that had threatened to derail already fragile efforts to secure a broader peace agreement in the Middle East," Saxo Bank wrote in a note. "US President Donald Trump, meanwhile, maintained his typically optimistic tone, saying negotiations are in the 'final throes' of what he expects will be a successful deal."
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Japan
US Equity Indexes Sink as Big-Tech Craters in Midday Trading
US equity indexes slumped after midday on Tuesday amid a sharp sell-off in technology, led by semiconductors.The Nasdaq Composite dropped 2.3% to 25,334.1, with the S&P 500 down 1.4% to 7,303.2, and the Dow Jones Industrial Average lower by 0.7% to 50,442.3 in Tuesday's midday trading.Technology and energy were standout decliners, down 3.4% and 2.3%, respectively. Marvell Technology (MRVL), Arm (ARM), and Qualcomm (QCOM) declined by at least 8.8% each, making them the worst-performing three stocks among companies with market capitalizations exceeding $200 billion, according to data compiled by Finviz.The real estate and consumer staples sectors led the gainers.West Texas Intermediate crude oil futures sank 4.6% to $87.13, and Brent crude futures dropped 4% to $90.52."Oil gave back most of Monday's gains after Israel and Iran halted hostilities that had threatened to derail already fragile efforts to secure a broader peace agreement in the Middle East," Saxo Bank wrote in a note. "US President Donald Trump, meanwhile, maintained his typically optimistic tone, saying negotiations are in the 'final throes' of what he expects will be a successful deal."Most US Treasury yields fell, with the 10-year down 2.2 basis points to 4.53% and the two-year dropping 3.4 basis points to 4.12%.
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Japan
US Equity Futures Rise Pre-Bell as Oil Prices Drop Amid Optimism on US-Iran Peace Deal
US equity futures rose pre-bell Tuesday as oil prices receded on optimism that a US-Iran peace agreement could happen soon.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.9% higher.West Texas Intermediate crude oil dropped under $90 a barrel as President Donald Trump said a deal to end the Middle East war could be reached in "two to three days," with the Strait of Hormuz reopening "immediately" after the agreement is signed. The two countries are nearing a deal "that will not in any way allow nuclear weapons," Trump told reporters after attending the NBA Finals in New York City.Traders observed the latest round of earnings, with J.M. Smucker (SJM) posting higher fiscal Q4 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.6% at $92.79 per barrel and US West Texas Intermediate crude 1.9% lower at $89.57 per barrel.The international trade in goods report, scheduled for release at 8:30 am ET, is expected to post a deficit narrowing to $56.1 billion from $60.3 billion in the prior month, according to estimates compiled by Bloomberg.The existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 1.1% for May after a gain of 0.2% in the prior month.
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