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Climbed to a record close, settling near 51,670, after a US-Iran framework to reopen the Strait of Hormuz sent oil prices tumbling.

Update: Equity Markets Fall as Trump Says Iran Violated Ceasefire
US Markets

Update: Equity Markets Fall as Trump Says Iran Violated Ceasefire

(Updates with market moves at the end of the day.)US equity benchmarks slipped Friday as President Donald Trump accused Iran of violating their ceasefire agreement, while the Nasdaq Composite and the S&P 500 registered weekly losses.The Nasdaq fell 0.2% to 25,297.6, its fifth consecutive losing session, while the S&P 500 edged down 0.1% to 7,354. The Dow Jones Industrial Average lost 0.1% to 51,876.1. Among sectors, industrials saw the biggest drop, while healthcare paced the gainers.This week, the technology-heavy Nasdaq slid 4.6%, while the S&P 500 shed nearly 2% -- following two consecutive weekly advance. The Dow logged a weekly gain of 0.6%.Trump accused Iran of launching drone attacks on ships passing through the Strait of Hormuz, more than a week after Washington and Tehran signed an interim peace agreement that includes the reopening of the crucial waterway for crude oil shipments."This is a foolish violation of our ceasefire agreement," Trump said in a social media post Friday.The incident indicated that Iran retained some of its military capabilities, CNN reported, citing Trump.In a separate social media post, Trump threatened to impose a 100% tariff on all goods from any European country that implements a digital services tax on US companies."This tariff will supersede trade deals made with the country, whether implemented, signed, or not," Trump said.West Texas Intermediate crude oil was down 3.4% at $69.47 a barrel in Friday late-afternoon trade, while Brent fell 4.2% to $72.09. Both benchmarks were on track for weekly declines of more than 9%, with Brent headed for its sixth consecutive weekly fall."The deep and rapid drop in crude, which saw WTI drop to $69, has soothed global inflation angst -- but it hasn't cured it," Douglas Porter, chief economist at BMO Financial Group, said in a report. "Just as concerns over the oil shock are fading, the cost pressures from the ongoing (artificial intelligence) boom have leapt to the forefront."US Treasury yields were lower, with the two-year rate last down 3.7 basis points at 4.10% and the 10-year rate falling 1.9 basis points to 4.38%.Minneapolis Federal Reserve President Neel Kashkari said that an interest rate increase looks necessary this year."In March, I had penciled in one rate cut by the end of the year. In June, I've changed that to one rate hike by the end of the year," Kashkari, a Federal Open Market Committee voter this year, said during a panel discussion at the Aspen Ideas Festival, according to a CNBC report. "It's a pencil, and so we're going to have to see how the data comes in."The Fed is likely to maintain interest rates stable for the rest of the year as inflation looks set to ease, Morgan Stanley said Friday in a report."We believe tariff pass through is ending, paving the way for substantial disinflation in core goods over the next year, and the recently signed (memorandum of understanding) between the US and Iran has helped push oil prices back toward pre-conflict levels," Morgan Stanley Chief US Economist Michael Gapen wrote. "In addition, we look for further moderation in shelter inflation and some payback from residual seasonality into year end."US consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, a survey by the University of Michigan showed.In company news, IBM (IBM) shares rose 5.2%, the third-best performer on the Dow. The company's technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday.Microsoft rose 5.7%, the top gainer on the Dow.OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations.Onsemi (ON) shares slid nearly 24%, the steepest drop on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares fell 3.7%.Gold was last seen up 1% at $4,088.20 per troy ounce, while silver advanced 1% to $58.93 per ounce.Spot gold was headed for its fourth weekly fall as expectations of US interest rate hikes combined with a stronger dollar weighed on the yellow metal.

Dow JonesNasdaq CompositeS&P 500$AAPL$IBM$MSFT$ON$SYNA
Equities

S&P 500 Posts Weekly Drop as Trump Says Iran Violated Ceasefire

The Standard & Poor's 500 index fell 2% this week as US President Donald Trump said Iran violated the countries' ceasefire agreement.The S&P 500 ended the week at 7,354.02. With just two trading sessions remaining in the month, the market benchmark is down 3% for June but up 7.4% for the year.US stocks gained last week on a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran. The agreement included reopening the Strait of Hormuz, a key choke point for crude flows.However, US President Donald Trump said on Friday that Iran shot at least four one-way attack drones at ships crossing the Strait of Hormuz on Thursday. The attack was "a foolish violation of our Ceasefire Agreement," Trump said.Questions swirling over the sustainability of the artificial intelligence boom also weighed.The week's drop in the S&P 500 came on declines in only four of the index's 11 sectors: Communication services fell 6.2%, technology shed 5.4%, consumer discretionary slipped 2.7% and materials declined 0.1%.Google parent Alphabet (GOOG, GOOGL) was one of the hardest-hit stocks in communication services this week, falling more than 8%. A Bloomberg report said the company is poised to lose two leading AI researchers to Anthropic.In technology, ON Semiconductor (ON) had the largest percentage drop of the week, sliding 25%. The chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion, aiming to expand into physical artificial intelligence.In consumer discretionary, Nike (NKE) shares led the drop, falling 9.9% amid downbeat analyst reports after the company named a new chief financial officer and said that excluding a one-time benefit, it expects fourth-quarter results to be "generally in line with previously provided guidance." Analysts at Evercore ISI and KeyBanc downgraded their investment ratings on Nike's stock while multiple other analysts reduced price targets on the shares.On the upside, health care climbed 7.9%, followed by a 4% gain in real estate, a 3.9% advance in utilities and a 1.5% increase in consumer staples. Energy, financials and industrials also edged higher.Bio-Techne (TECH) led the gainers in health care, jumping 23% on the week as the company said it agreed to be acquired by Merck KGaA in an all-cash deal with an enterprise value of about $11.3 billion. Merck KGaA will pay $73 per Bio-Techne share in cash, which the companies noted represents a 36% premium to the US-based company's one-month volume-weighted average trading price.Next week's economic data will feature the government's June employment report, due Thursday. The US stock market will be closed on Friday in observance of Independence Day.

Dow JonesNasdaq CompositeS&P 500
Asia Markets

US Equity Indexes Mixed, Mag-7 Lags Amid Micron Technology's Blockbuster Quarterly Results This Week

US equity indexes were mixed as a decline in technology hit tech-heavy gauges, outweighing a lift in sentiment from maritime traffic slowly returning to the Strait of Hormuz, the chokepoint for about a fifth of global energy flows.* The S&P 500 closed at 7,354.02 on Friday versus 7,500.58 a week ago. The Nasdaq Composite stood at about 25,297.62, compared with 26,517.93 a week earlier. The Dow Jones Industrial Average ended at 51,876.11, versus 51,564.70 at the end of last week.* Technology, consumer cyclicals, and communications services were among the bottom five sectors over the past week, according to data compiled by Finviz. Healthcare, utilities, and real estate were the top gainers.* The so-called Magnificent-7 stocks ended the week lower. Shares of Apple (AAPL), one of the Mag-7 stocks, slumped after the company raised prices of its iPads and MacBooks amid surging memory costs. Micron Technology (MU) shares surged even though its blockbuster fiscal Q3 results, fueled by strong demand for memory, failed to trigger a rally in the sector.* West Texas Intermediate crude oil futures slumped 3.5% to $69.47 late Friday, hovering at levels seen around the beginning of the Iran war as maritime traffic continued to pass through the Strait of Hormuz, the chokepoint for about a fifth of global energy flows.* The 10-year US Treasury yield, which traded around 4.67% last month, declined to 4.37% late on Friday and was also lower from 4.45% a week ago.* "While we have heard from a number of Fed officials increasingly willing to consider a higher level of rates, as the latest June dot plot shows, the Committee is clearly divided, with essentially the other half viewing policy as in exactly the right spot and anticipating no additional change this year," Stifel Chief Economist Lindsey Piegza said in a note, referring to impact of supply-push crude oil on elevated headline and core personal consumption expenditures, PCE, price index readings for May.

Dow JonesNasdaq CompositeS&P 500$AAPL$MU
Asia Markets

Update: Technology Helps Push US Equity Indexes Lower; Israel-Lebanon Sign 'Framework Agreement'

(Updates with index/price moves, macroeconomic data, and political news from the first paragraph.)US equity indexes fell amid a decline in technology shares, while crude oil traded at levels last seen before the Iran war after a "framework agreement" was signed between Israel and Lebanon.The Nasdaq Composite fell 0.2% to 25,297.62 on Friday. The Dow Jones Industrial Average edged down almost 0.1% to 51,876.11, while the S&P 500 slipped less than 0.1% to 7,354.02. Industrials and technology led decliners. Health care, consumer discretionary, and real estate were among the top gainers.In a category of stocks with a market capitalization of over $200 billion, 17 out of the 20 worst-performing stocks were technology firms. Western Digital (WDC) and Sandisk (SNDK) were the steepest decliners, down by at least 11% each. In the sliding technology shares, more than half were semiconductor companies.Global X Artificial Intelligence & Technology ETF (AIQ), with a market capitalization of almost $11 billion, dropped 1.6% to $63.15, reflecting the pressure on AI stocks.In geopolitical news, negotiators from Lebanon and Israel signed a "framework agreement" on the handover of areas in Israeli-occupied southern Lebanon after US-mediated talks in Washington, DC., according to a Friday report from Al Jazeera, a Middle East news broadcaster.This comes as Arsenio Dominguez, the secretary-general of the UN's International Maritime Organization, said 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, Al Jazeera reported.Oman has told European officials that there's no way to return to the pre-war status quo at the Strait of Hormuz, and transiting ships may be charged fees, Bloomberg reported, citing people familiar with the matter. "Safe passage through the Strait of Hormuz cannot be guaranteed under ambiguous arrangements, parallel routes or decision-making that does not take Iran's role as a coastal state into account," Reuters cited Iranian Deputy Foreign Minister Kazem Gharibabadi as saying on X, formerly Twitter.Nevertheless, the front-month global benchmark North Sea Brent slumped 4.2% to $72.07 per barrel, and the US West Texas Intermediate retreated 3.5% to $69.40 per barrel, extending their declines to the lowest since the beginning of the Iran war.In economic news, the University of Michigan consumer sentiment index was revised up to 49.5 for June from 48.9 in the preliminary estimate, below expectations of 50.0 in a Bloomberg-compiled poll. The print was also above the final 44.8 in May.Respondents in the Michigan survey expected a 4.6% inflation rate over the next year and 3.3% annually over the next five years, down from 4.8% and 3.9%, respectively, in May.Most US Treasury yields fell, with the 10-year down two basis points to 4.37%. The two-year rate dropped 3.5 basis points to 4.09%.Gold futures jumped 1% to $4,086.9, and silver futures climbed 1.1% to $59.0.

Dow JonesNasdaq CompositeS&P 500$AIQ$SNDK$WDC
Japan

US Equity Markets End Lower Amid Technology Stocks Sell-Off

US equity indexes were lower on Friday amid a sell-off in technology stocks and despite a decline in crude oil prices following the Israel-Lebanon framework agreement.* Among stocks with a market capitalization of over $200 billion, 16 out of the 20 worst-performing stocks were technology firms.* The University of Michigan consumer sentiment index was revised up to 49.5 for June from 48.9 in the preliminary estimate, below expectations of 50.0 in a Bloomberg-compiled poll. The print was also above the final 44.8 in May.* August West Texas Intermediate crude oil fell $2.34 to settle at $69.58 per barrel, while August Brent crude, the global benchmark, was last seen down $3.05 at $72.21.* Moderna (MRNA) shares rose nearly 12%, the top gainer on the S&P 500, after the company said it plans to launch clinical development of in vivo CAR-T candidate mRNA-6007 in 2027. Multiple analysts also raised their price targets for the company.* Onsemi (ON) shares were down roughly 24%, the worst performer on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal valued at about $7 billion.

Dow JonesNasdaq CompositeS&P 500$MRNA$ON$SYNA
Japan

Update: US Equity Indexes Lower in Final Leg of Trading as Technology Slides With Crude Oil

(Updates with index/price moves data, and political news from the first paragraph.)US stocks traded lower as technology raced to the bottom of sector charts, while crude oil traded at levels last seen before the Iran war after a "framework agreement" was signed between Israel and Lebanon.The Nasdaq Composite fell 0.4% to 25,263.4 ahead of Friday's close. The Dow Jones Industrial Average edged down 0.1% to 51,847.5, while the S&P 500 was down 0.2% to 7,347.4.Technology and industrials led the four declining sectors intraday. Health care, consumer discretionary, and consumer staples were among the top gainers.In a category of stocks with a market capitalization of over $200 billion, 16 out of the 20 worst-performing stocks were technology firms. Western Digital (WDC), Seagate Technology (STX), and Sandisk (SNDK) were the steepest decliners, down by at least 8.2% each. In the sliding technology shares, more than half were semiconductor companies.In geopolitical news, negotiators from Lebanon and Israel signed a "framework agreement" on the handover of areas in Israeli-occupied southern Lebanon after US-mediated talks in Washington, DC., according to a Friday report from Al Jazeera, a Middle East news broadcaster.This comes as Arsenio Dominguez, the secretary-general of the UN's International Maritime Organization, said 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, Al Jazeera reported.The front-month global benchmark North Sea Brent slumped 4.5% to $71.88 per barrel, and the US West Texas Intermediate retreated 3.8% to $69.19 per barrel, extending their declines to the lowest since the beginning of the Iran war.

Dow JonesNasdaq CompositeS&P 500$SNDK$STX$WDC
Wall Street Little Changed as Trump Accuses Iran of Violating Ceasefire Agreement
US Markets

Wall Street Little Changed as Trump Accuses Iran of Violating Ceasefire Agreement

US benchmark equity indexes were little changed intraday as President Donald Trump claimed that Iran violated the ceasefire agreement.The Nasdaq Composite was up 0.1% at 25,390.4 after midday Friday, while the S&P 500 rose 0.1% to 7,367.4. The Dow Jones Industrial Average was just above the flatline at 51,922. Among sectors, healthcare paced the gainers, while industrials saw the biggest drop.Trump accused Iran of launching drone attacks on ships passing through the Strait of Hormuz, more than a week after Washington and Tehran signed an interim peace agreement that includes the reopening of the crucial waterway for crude oil shipments."This is a foolish violation of our ceasefire agreement," Trump said in a social media post Friday.Iran hit a vessel in the Strait of Hormuz on Thursday, disrupting evacuations of stranded seafarers, CNN reported.West Texas Intermediate crude oil was down 3.5% at $69.43 a barrel intraday, while Brent fell 4.2% to $72.12. Both benchmarks were on track for weekly declines of more than 9%, with Brent headed for its sixth consecutive weekly fall."Oil was on track for a weekly decline after transits through the Strait of Hormuz accelerated, although an attack on a cargo ship by an 'unknown projectile' has renewed concerns about safe passage through the vital waterway," Saxo Bank said in a report Friday.In a separate social media post, Trump threatened to impose a 100% tariff on all goods from any European country that implements a digital services tax on US companies."This tariff will supersede trade deals made with the country, whether implemented, signed, or not," Trump said.US Treasury yields were lower intraday, with the two-year rate down 4.1 basis points at 4.09% and the 10-year rate falling 1.7 basis points to 4.38%.Minneapolis Federal Reserve President Neel Kashkari said that an interest rate increase looks necessary this year."In March, I had penciled in one rate cut by the end of the year. In June, I've changed that to one rate hike by the end of the year," Kashkari, a Federal Open Market Committee voter this year, said during a panel discussion at the Aspen Ideas Festival, according to a CNBC report. "It's a pencil, and so we're going to have to see how the data comes in."The Fed is likely to maintain interest rates stable for the rest of the year as inflation looks set to ease, Morgan Stanley said Friday in a report."We believe tariff pass through is ending, paving the way for substantial disinflation in core goods over the next year, and the recently signed (memorandum of understanding) between the US and Iran has helped push oil prices back toward pre-conflict levels," Morgan Stanley Chief US Economist Michael Gapen wrote. "In addition, we look for further moderation in shelter inflation and some payback from residual seasonality into year end."US consumer sentiment increased in June amid moderating gasoline prices, while inflation expectations eased, a survey by the University of Michigan showed.In company news, IBM (IBM) shares were up 4.6% intraday, the second-best performer on the Dow. The company's technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday.Microsoft rose 4.7%, the top gainer on the Dow.OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations.Onsemi (ON) shares slid nearly 24% intraday, the steepest drop on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal with an enterprise value of about $7 billion. Synaptics shares rose 0.2%.Gold was up 1.1% at $4,091.50 per troy ounce, while silver advanced 1.2% to $59.04 per ounce.Spot gold was headed for its fourth weekly fall as expectations of US interest rate hikes combined with a stronger dollar weighed on the yellow metal.

Dow JonesNasdaq CompositeS&P 500$IBM$MSFT$ON$SYNA
Asia Markets

Exchange-Traded Funds Mixed, US Equities Advance After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM fell while IVV rose. Actively traded Invesco QQQ Trust (QQQ) eased 0.3%.US stocks advanced while crude oil prices extended declines to levels last seen before the Iran war.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each lost about 0.5%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) slipped 1.1%; iShares US Technology ETF (IYW) fell 0.8%, and iShares Expanded Tech Sector ETF (IGM) was down 0.7%.The State Street SPDR S&P Semiconductor (XSD) declined 3.2%, and iShares Semiconductor (SOXX) was down 3.9%.FinancialThe State Street Financial Select Sector SPDR (XLF) rose 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) climbed 1.3%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 1.2%.CommoditiesCrude oil fell 3.7%, and the United States Oil Fund (USO) dropped 4%. Natural gas gained 0.9%, and the United States Natural Gas Fund (UNG) was up 2.3%.Gold on Comex added 1.3%, and the State Street SPDR Gold Shares (GLD) rose 1.5%. Silver was up 1.5%, and iShares Silver Trust (SLV) advanced 2.4%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) gained 1%. The Vanguard Consumer Staples ETF (VDC) added 1%, and iShares Dow Jones US Consumer Goods (IYK) was up 0.8%.The State Street Consumer Discretionary Select Sector SPDR (XLY) added 1.6%. VanEck Retail ETF (RTH) gained 1%, and the State Street SPDR S&P Retail (XRT) was up 1.1%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) rose 2.6%, iShares US Healthcare (IYH) added 2.5%, and Vanguard Health Care ETF (VHT) was up 2.4%. IShares Biotechnology ETF (IBB) gained 1.6%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) dipped 1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) added 1.6%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) gained 1.6%, ProShares Ether ETF (EETH) was up 1.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 0.9% higher.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH
Asia Markets

Update: US Equity Indexes Mixed as Steepest Decliner Technology Eats into Consumer Discretionary Gains

(Updates with index/price moves, macroeconomic data, and analyst comment from the first paragraph.)US stocks traded mixed, as technology and consumer discretionary pulled in different directions while crude oil prices extended declines to levels last seen before the Iran war.The S&P 500 climbed 0.2% to 7,370.1, and the Dow Jones Industrial Average advanced 0.1% to 51,79.5 after midday Friday. The Nasdaq Composite was little changed at 25,360.3. Technology and industrials led the four declining sectors intraday. Health care, consumer discretionary, and consumer staples were among the top gainers.IBM's (IBM) technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday. IBM has created what it calls the "world's first sub-1 nanometer chip technology," the company said Thursday. IBM shares jumped 4.7%, making it the Dow's leader.Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations. The ChatGPT maker hired bankers and lawyers, eyeing an IPO as soon as Q3 or Q4, with CEO Sam Altman pushing for a $1 trillion valuation, according to the report. Shares of Microsoft advanced 4.3%, among the Dow's top gainers.In a category of stocks with a market capitalization of over $200 billion, 17 out of the 20 worst-performing stocks were technology firms. Western Digital (WDC), Sandisk (SNDK), and Seagate Technology (STX) were the steepest decliners, down by at least 7.9% each. In the declining technology shares, more than half were semiconductor companies.In geopolitical news, 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, said Arsenio Dominguez, the secretary-general of the UN's International Maritime Organization, according to a report from Al Jazeera.The front-month global benchmark North Sea Brent slumped 4.1% to $72.20 per barrel, and the US West Texas Intermediate retreated 3.5% to $69.43 per barrel, extending their declines to the lowest since the beginning of the Iran war."Oil resumed its decline after tanker transits through the Strait of Hormuz accelerated, following a brief rebound on Thursday when a container ship was struck by an unknown projectile off the coast of Oman," Saxo Bank said in a note. "The mini tsunami of released barrels is weighing on the front end of the futures curve."The University of Michigan consumer sentiment index was revised up to 49.5 for June from 48.9 in the preliminary estimate, below expectations of 50.0 in a Bloomberg-compiled poll. The print was also above the final 44.8 in May.Respondents in the Michigan survey expected a 4.6% inflation rate over the next year and 3.3% annually over the next five years, down from 4.8% and 3.9%, respectively, in May.Most US Treasury yields fell, with the 10-year down 1.6 basis points to 4.38%. The two-year rate dropped 3.3 basis points to 4.09%.Gold futures jumped 1.4% to $4,104.1, and silver futures climbed 1.6% to $59.31.

Dow JonesNasdaq CompositeS&P 500$IBM$MSFT$SNDK$STX$WDC
Japan

Update: Consumer Discretionary Helps Push US Equity Indexes Higher in Midday Trading

(Updates with index/price moves, macroeconomic data, and company/political news from the first paragraph.)US equity indexes rose amid gains in consumer discretionary and as crude oil prices extended declines to levels seen before the Iran war.The Nasdaq Composite climbed 0.3% to 25,428.3 after midday Friday. The S&P 500 edged up 0.2% to 7,372.4, and the Dow Jones Industrial Average advanced 0.3% to 52,049.7.Technology and industrials led the four declining sectors intraday. Health care, consumer discretionary, and real estate were among the top gainers.IBM's (IBM) technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday. IBM has created what it calls the "world's first sub-1 nanometer chip technology," the company said Thursday. IBM shares jumped 4.1%, making it the Dow's leader.Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations. The ChatGPT maker hired bankers and lawyers, eyeing an IPO as soon as Q3 or Q4, with CEO Sam Altman pushing for a $1 trillion valuation, according to the report. Shares of Microsoft advanced 5%, among the Dow's top gainers.In geopolitical news, 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, said Arsenio Dominguez, the secretary-general of the UN's International Maritime Organization, according to a report from Al Jazeera.The front-month global benchmark North Sea Brent fell 4.2% to $72.13 per barrel, and the US West Texas Intermediate 3.9% to $69.11 per barrel, extending their declines to the lowest since the beginning of the Iran war.

Dow JonesNasdaq CompositeS&P 500$IBM$MSFT
Commodities

Correction: Exchange-Traded Funds, Equity Futures Decline Pre-Bell Friday as Investors Shift Focus From Middle East to Technology Stocks

(Corrects the third paragraph to state that May advance trade deficit widened.)The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) retreated 1.6% in Friday's premarket activity, as investors shifted their focus from the US-Iran conflict in the Middle East to technology stocks.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 1.4% before the start of regular trading.The US advance international trade in goods deficit widened to $105.76 billion in May from $83.01 billion in April, according to data released by the US Census Bureau.June's final University of Michigan consumer sentiment report is slated for a 10 am ET release, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak on Friday.In premarket action, bitcoin was down 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 0.2%, ProShares Ether ETF (EETH) declined by 1.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.8%, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 3% pre-bell as multiple analyst price target cuts followed the company's Q1 earnings announcement.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HIVE Digital Technologies (HIVE) shares traded down 6.1% in early hours activity after the company priced an offering of $115 million worth of 0% exchangeable senior notes due 2031 in a private offering.HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) was up 1.1%, while the iShares US Healthcare ETF (IYH) rose 0.5%. The iShares Biotechnology ETF (IBB) was 0.1% lower.Nuvation Bio (NUVB) stock was down nearly 1% premarket, extending losses from the previous day's 10% fall. The company said late Thursday it priced an underwritten offering of $250 million of 0.75% convertible senior notes due in 2032.EnergyThe iShares US Energy ETF (IYE) was marginally higher, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down nearly 2% before market open after the company said it is ending its offshore wind business activities in Japan and shutting its Tokyo office by the end of the year.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained by 0.2% and the iShares US Industrials ETF (IYJ) was flat.AerCap (AER) stock was up more than 2% before the opening bell after the company said it delivered the first of three Airbus A321neo aircraft to Azerbaijan Airlines.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.1%, and the iShares US Technology ETF (IYW) was 1.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 2.9%, while the iShares Semiconductor ETF (SOXX) fell by 4.3%.Microsoft (MSFT) shares were up 1.4% in premarket activity after closing the prior day with a 3.5% fall. The Italian Competition Authority said the company faces a formal regulatory investigation into whether it engaged in deceptive marketing during a recent price increase for Microsoft 365.CommoditiesFront-month US West Texas Intermediate crude oil fell by 3.1% to $69.70 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.9% to $3.44 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.2%, while the United States Natural Gas Fund (UNG) was 2.5% higher.Gold futures for July were up by 0.4% to $4,063.80 an ounce on the Comex. Silver futures gained by 0.1% to $58.83 an ounce. SPDR Gold Shares (GLD) advanced by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.

Dow JonesNasdaq CompositeS&P 500$AER$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$HIVE$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MSFT$NUVB$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

Update: Tech Stocks Drag Down Equity Index Futures Pre-Bell Amid AI, Gulf Worries

(Updates with latest index futures, equity, and oil prices in the second, third, and sixth paragraphs, respectively, and updated economic results in the seventh and eighth paragraphs.)Tech stocks swooned and broader equity index futures declined in Friday's premarket trading amid concerns about the profitability of AI, lingering worries about Middle East stability, and potential interest rate hikes.Nasdaq futures were down 1.0% while S&P 500 futures fell 0.3% and Dow futures advanced 0.1% in the pre-bell session.The tech sector was dragged down by chipmakers including Micron Technologies (MU), down 6.2%, Intel (INTC), down 3.8%, AMD (AMD), down 4%, and Nvidia (NVDA), down 1.7%, while memory storage firm Western Digital (WDC) was down 5.9%.Investors were spooked by reports that Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering and an Iranian attack on a ship transiting the Strait of Hormuz. Inflation fears have also spiked in recent days after US President Donald Trump delayed signing a bi-partisan bill to bring down housing costs, diminishing hopes of a rate cut.Despite elevated security concerns in the Persian Gulf, oil prices continued a slide that has followed the signing of a memorandum of understanding between Washington and Tehran that saw the reopening of the Strait of Hormuz to commercial ship traffic.Brent crude was down 3.1% to $72.94 per barrel while West Texas crude prices were down 2.8% to $69.90 per barrel, the lowest levels since the start of the Feb. 28 attacks by the US and Israel on Iran that sparked months of war and uncertainty.May's goods trade gap rose sharply. Imported goods exceed exports by $105.76 billion, up from a revised figure of $83.0 billion in April and above the $85.0 billion expected by analysts.May wholesale inventories increased 0.3%, down from a 0.7% increase in April and below the expected 0.4% rise.Analysts expect a rise in June consumer sentiment to 50.0 from 48.9 in May in the University of Michigan survey set for release at 10 ET

Dow JonesNasdaq CompositeS&P 500$AMD$INTC$NVDA$WD
Commodities

Exchange-Traded Funds, Equity Futures Decline Pre-Bell Friday as Investors Shift Focus From Middle East to Technology Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) retreated 1.6% in Friday's premarket activity, as investors shifted their focus from the US-Iran conflict in the Middle East to technology stocks.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 1.4% before the start of regular trading.The US advance international trade in goods deficit narrowed to $105.76 billion in May from $83.01 billion in April, according to data released by the US Census Bureau.June's final University of Michigan consumer sentiment report is slated for a 10 am ET release, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak on Friday.In premarket action, bitcoin was down 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 0.2%, ProShares Ether ETF (EETH) declined by 1.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.8%, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 3% pre-bell as multiple analyst price target cuts followed the company's Q1 earnings announcement.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HIVE Digital Technologies (HIVE) shares traded down 6.1% in early hours activity after the company priced an offering of $115 million worth of 0% exchangeable senior notes due 2031 in a private offering.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) was up 1.1%, while the iShares US Healthcare ETF (IYH) rose 0.5%. The iShares Biotechnology ETF (IBB) was 0.1% lower.Nuvation Bio (NUVB) stock was down nearly 1% premarket, extending losses from the previous day's 10% fall. The company said late Thursday it priced an underwritten offering of $250 million of 0.75% convertible senior notes due in 2032.EnergyThe iShares US Energy ETF (IYE) was marginally higher, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down nearly 2% before market open after the company said it is ending its offshore wind business activities in Japan and shutting its Tokyo office by the end of the year.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained by 0.2% and the iShares US Industrials ETF (IYJ) was flat.AerCap (AER) stock was up more than 2% before the opening bell after the company said it delivered the first of three Airbus A321neo aircraft to Azerbaijan Airlines.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.1%, and the iShares US Technology ETF (IYW) was 1.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 2.9%, while the iShares Semiconductor ETF (SOXX) fell by 4.3%.Microsoft (MSFT) shares were up 1.4% in premarket activity after closing the prior day with a 3.5% fall. The Italian Competition Authority said the company faces a formal regulatory investigation into whether it engaged in deceptive marketing during a recent price increase for Microsoft 365.CommoditiesFront-month US West Texas Intermediate crude oil fell by 3.1% to $69.70 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.9% to $3.44 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.2%, while the United States Natural Gas Fund (UNG) was 2.5% higher.Gold futures for July were up by 0.4% to $4,063.80 an ounce on the Comex. Silver futures gained by 0.1% to $58.83 an ounce. SPDR Gold Shares (GLD) advanced by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.

Dow JonesNasdaq CompositeS&P 500$AER$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$HIVE$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MSFT$NUVB$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Japan

Update: Tech Stocks Drag Down Equity Index Futures Pre-Bell Amid AI, Gulf Worries

(Updates with latest index futures, equity, and oil prices in the second, third, and sixth paragraphs, respectively, and updated economic results in the seventh and eighth paragraphs.)Tech stocks swooned and broader equity index futures declined in Friday's premarket trading amid concerns about the profitability of AI, lingering worries about Middle East stability, and potential interest rate hikes.Nasdaq futures were down 1.0% while S&P 500 futures fell 0.3% and Dow futures advanced 0.1% in the pre-bell session.The tech sector was dragged down by chipmakers including Micron Technologies (MU), down 6.2%, Intel (INTC), down 3.8%, AMD (AMD), down 4%, and Nvidia (NVDA), down 1.7%, while memory storage firm Western Digital (WDC) was down 5.9%.Investors were spooked by reports that Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering and an Iranian attack on a ship transiting the Strait of Hormuz. Inflation fears have also spiked in recent days after US President Donald Trump delayed signing a bi-partisan bill to bring down housing costs, diminishing hopes of a rate cut.Despite elevated security concerns in the Persian Gulf, oil prices continued a slide that has followed the signing of a memorandum of understanding between Washington and Tehran that saw the reopening of the Strait of Hormuz to commercial ship traffic.Brent crude was down 3.1% to $72.94 per barrel while West Texas crude prices were down 2.8% to $69.90 per barrel, the lowest levels since the start of the Feb. 28 attacks by the US and Israel on Iran that sparked months of war and uncertainty.May's goods trade gap rose sharply. Imported goods exceed exports by $105.76 billion, up from a revised figure of $83.0 billion in April and above the $85.0 billion expected by analysts.May wholesale inventories increased 0.3%, down from a 0.7% increase in April and below the expected 0.4% rise.Analysts expect a rise in June consumer sentiment to 50.0 from 48.9 in May in the University of Michigan survey set for release at 10 ET

Dow JonesNasdaq CompositeS&P 500$AMD$INTC$NVDA$WD
Japan

Tech Stocks Drag Down Equity Index Futures Pre-Bell Amid AI, Gulf Worries

Tech stocks swooned, and broader equity index futures declined in Friday's premarket trading amid concerns about the profitability of AI, lingering worries about Middle East stability, and potential interest rate hikes.Nasdaq futures were down 1.1% while S&P 500 futures fell 0.5% and Dow futures slipped 0.1% in the pre-bell session.The tech sector was dragged down by chipmakers including Intel (INTC), down 3.4%, AMD (AMD), down 3.4%, and Nvidia (NVDA), down 1%, while memory storage firm Western Digital (WD) was down 3.8%.Investors were spooked by reports that Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering and an Iranian attack on a ship transiting the Strait of Hormuz. Inflation fears have also spiked in recent days after US President Donald Trump blocked his own bill to bring down housing costs, diminishing hopes of a rate cut.Despite elevated security concerns in the Persian Gulf, oil prices continued a days-long slide that followed the signing of a memorandum of understanding between Washington and Tehran that saw the reopening of the Strait of Hormuz to commercial traffic.Brent crude was down 3.3% to $72.75 per barrel while West Texas crude prices were down 3.3% to $69.58 per barrel, the lowest levels since the start of the Feb. 28 attacks by the US and Israel on Iran that sparked months of war and uncertainty.Among the economic news expected is the release of May's goods trade gap. Imported goods are expected to exceed exports by $85.0 billion, up from a revised figure of $83.0 billion in April.May wholesale inventories are expected to increase 0.4%, down from a 0.6% increase in April.Analysts also expect a rise in May consumer sentiment in the monthly University of Michigan survey to 50.0, up from 48.9 in April.

Dow JonesNasdaq CompositeS&P 500$AMD$INTC$NVDA$WD
Stocks Fall Pre-Bell as Tech Weakness Persists
US Markets

Stocks Fall Pre-Bell as Tech Weakness Persists

The benchmark US stock measures were tracking in the red before the open Friday as bearish sentiment in the tech sector continues.The S&P 500 declined 0.4%, the Dow Jones Industrial Average was down less than 0.1% and the Nasdaq decreased 1% in premarket activity. The Nasdaq extended its losing streak to a fourth session on Thursday, while the S&P 500 ended just below the flatline. The Dow finished higher.ChatGPT parent OpenAI is considering delaying its proposed initial public offering until next year, The New York Times reported. The company confidentially filed for a potential IPO in the US earlier this month, reportedly targeting a valuation of up to $1 trillion.Apple's (AAPL) shares rebounded 0.6% pre-bell following a 6.2% drop at the close of Thursday. The iPhone maker increased prices of its iPad and MacBook products amid surging memory and storage chip expenses.Micron Technology (MU) dropped 5.4% after closing the previous session up 16%. Nvidia (NVDA) moved 1.1% lower, while Intel (INTC) fell 3.5% and Qualcomm (QCOM) slipped 1.9%.On Thursday, government data showed that consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years.The US economy's real gross domestic product increased at a 2.1% annualized rate in the quarter ended March, the Bureau of Economic Analysis' third and final estimate showed Thursday. This was up from 1.6% growth reported in the second estimate.Treasury yields declined in premarket action, with the two-year rate retreating 2.9 basis points to 4.09% and the 10-year rate sliding 1.4 basis points to 4.38%.Friday's economic calendar has the international trade in goods data, as well as the retail and wholesale inventories reports, all for May, at 8:30 am ET. The final University of Michigan consumer sentiment report for June posts at 10 am, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm.Federal Reserve Bank of Minneapolis President Neel Kashkari is slated to speak at 11:30 am.West Texas Intermediate crude oil fell 3.7% to $69.28 a barrel before the opening bell, while Brent dropped 3.8 % to $72.43.Two US officials told Reuters on Thursday that Iran had fired at a cargo vessel near Oman as it attempted to pass through the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps had recently warned vessels against navigating undesignated routes through the strait without coordination with Tehran, according to media reports.Gold inclined 0.5% to $4,067 per troy ounce, while bitcoin edged up 0.2% to $59,298.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MU$NVDA$QCOM
International

Tech Caution Prevails on Wall Street Pre-Bell; Asia, Europe Down

Wall Street futures pointed moderately lower pre-bell Friday as traders again toggled risk off on rich AI and semiconductor-sector valuations.Cautioning markets were reports that prominent AI-modeler OpenAI may delay its IPO until next year, to better secure a $1 trillion valuation. In addition, Apple (AAPL) on Thursday announced it will boost prices on iPads and MacBooks to offset higher memory- and storage-chip costs.In the futures, the S&P 500 fell 0.5%, the Nasdaq declined 1.2% and the Dow Jones was off 0.1%.The VanEck Semiconductor ETF (SMH) traded down 2.8% pre-bell.Asian exchanges traded mostly lower overnight on tech-sector reverses, including 12.5% decline in shares of Japan's tech-financier SoftBank.European bourses tracked south midday on the continent.On the economic calendar is the international trade in goods report, and the retail and wholesale inventories bulletins, all for May, at 8:30 am ET.The University of Michigan's consumer sentiment report for June logs at 10 am, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm.Minneapolis Fed President Neel Kashkari is slated to speak on Friday.In pre-market action, bitcoin traded at $59,723, West Texas Intermediate crude oil traded down 3.7% at $69.27, and 10-year US Treasuries offered 4.38%. Spot gold commanded $4,050 an ounce.

Dow JonesNasdaq CompositeS&P 500
International

Update: US Equity Indexes Mixed as Micron Rally Fails to Lift Tech, Apple Drops After Product Price-Hike Reports

(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes traded mixed after Micron Technology's (MU) blockbuster results, fueled by strong demand for memory, failed to lift technology amid a slump in Apple's (AAPL) shares on reports that the iPhone maker increased product prices, and as the annual inflation rate surged to a three-year high.The Nasdaq Composite fell 0.5% to 25,358.60 on Thursday. The S&P 500 slipped less than 0.1% to 7,357.49, ceding intraday gains. The Dow Jones Industrial Average rose 0.1% to 51,920.62, off session highs. Communication services and consumer discretionary led the decliners, while industrials and health care were among the top gainers. Technology was among the decliners.Micron's shares rose almost 16%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus. Shares were up more than 19% earlier in the session. Rising production of HBM, the high-bandwidth memory used in AI accelerators, is driving strong momentum for Micron, with HBM revenue already above $1 billion and market share topping 20%, RBC Capital Markets said in a note.Apple shares slumped 6.1%, among the worst performers on the Nasdaq and the Dow, after the company, according to media reports, raised prices of its iPads and MacBooks amid surging memory and storage chip costs.Meanwhile, in economic news, annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus, based on the personal consumption expenditures, or PCE, price index data from the Bureau of Economic Analysis. It follows a 3.8% gain in April. Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April. That's the highest reading since October 2023."While we have heard from a number of Fed officials increasingly willing to consider a higher level of rates, as the latest June dot plot shows, the Committee is clearly divided, with essentially the other half viewing policy as in exactly the right spot and anticipating no additional change this year," Stifel Chief Economist Lindsey Piegza said in a note.While the probability of two interest rate increases by December remains elevated, the likelihood slipped to 30% following the PCE data, versus 31% on Wednesday, according to the CME FedWatch tool. There is only a 19% chance that the target rate for fed funds will remain in the 3.5% to 3.75% range by the end of this year.Most US Treasury yields declined, with the 10-year down one basis point to 4.39%. The two-year rate dropped 1.4 basis points to 4.12%.Gold futures climbed 1% to $4,047.60, while silver futures added 0.5% to $58.80.In geopolitical news, Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged cargo ship Thursday in the Strait of Hormuz, The Wall Street Journal cited two senior US officials in a news report. Subsequently, the International Maritime Organization suspended its evacuation plan for vessels stranded in the Strait of Hormuz, IMO Secretary-General Arsenio Dominguez said in a report from Al Jazeera, a Middle East news broadcaster, on Thursday.This comes after the Revolutionary Guard had warned that commercial vessels only use routes approved by Tehran, Al Jazeera reported. The warning followed an announcement from Oman setting out a new shipping transit route through the strait on Wednesday, saying it had coordinated the route with the International Maritime Organization, the report said.The front-month global benchmark North Sea Brent jumped 1.3% to $74.69 per barrel, while the US West Texas Intermediate rose 2.2% to $71.92 per barrel, rebounding after touching pre-Iran war levels this week.

Dow JonesNasdaq CompositeS&P 500$AAPL$MU
Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes
US Markets

Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes

(Updates with market moves at the end of the day.)The Nasdaq Composite extended its losing streak to a fourth session on Thursday as a sell-off in Apple (AAPL) shares soured sentiment on Wall Street.The Nasdaq fell 0.5% to 25,358.6, while the S&P 500 ended just below the flatline at 7,357.5. The Dow Jones Industrial Average rose 0.1% to 51,920.9.Among sectors, consumer discretionary saw the steepest decline, while industrials paced the gainers.Apple shares slumped 6.1%, the biggest drop on the S&P 500 and the Dow. The tech giant increased iPad and MacBook prices amid surging memory and storage chip costs.Wedbush Securities said Apple is unlikely to lose customers as a result of the price hikes.Microsoft (MSFT) followed Apple on the Dow, shedding 3.5%. Microsoft announced price increases for the Xbox 512 gigabyte console and the Xbox 1 terabyte model, effective Aug. 1.Micron shares jumped nearly 16%, the third-biggest gainer on the S&P 500. Late Wednesday, the semiconductor manufacturer provided a fiscal fourth-quarter outlook above Wall Street's estimates and reported stronger-than-expected results for the prior three-month period.Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates Thursday, while the restaurant operator's fiscal fourth-quarter sales fell short of expectations. Shares of the Olive Garden and LongHorn Steakhouse parent fell 0.3%.US Treasury yields were mixed, with the two-year rate down 2.5 basis points at 4.13%, while the 10-year rate was little changed at 4.40%.In economic news, US consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years, government data showed.Demand for US durable goods decreased less than estimated in May despite a plunge in civilian aircraft orders, government data showed.US real gross domestic product increased at a 2.1% annualized rate in the first quarter, up from 1.6% growth reported in the second estimate, according to latest official data released Thursday."For the Fed, still nominally elevated inflation remains unfavorable to say the least and clearly justifies a higher policy target," Stifel said in report e-mailed to. "However, with a still solid pace of activity thanks to a resilient consumer and stable labor market conditions, any expectation of a temporary, or 'transitory', impact can quickly derail a hawkish conviction at the Fed to reverse course and simply reinforces the (Federal Open Market) Committee's position on the sidelines."West Texas Intermediate crude oil was up 2.4% at $72.03 a barrel in Thursday late-afternoon trade, while Brent rose 2.2% to $75.39.Gold was last up 0.8% at $4,041.40 per troy ounce, while silver fell 0.3% to $57.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DRI$MSFT$MU
International

US Equity Markets Mixed After Micron Technology's Results, Surge in Annual Inflation Rate

US equity indexes were mixed on Thursday after Micron Technology's (MU) better-than-expected quarterly results and a surge in the annual inflation rate.* Annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus. Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April.* On a month-on-month basis, inflation held steady at 0.4% in May, slower than the 0.5% consensus. Core PCE was unchanged at 0.3%, in line with market expectations.* August West Texas Intermediate crude oil rose $1.69 to settle at $72.03 per barrel, while August Brent crude, the global benchmark, was last seen up $1.61 at $75.35.* Micron Technology shares rose nearly 16%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue late Wednesday that beat estimates, with Q4 guidance also exceeding consensus.* Apple (AAPL) shares were down about 6.1%, the worst performer on the S&P 500 and the Dow, after the company, according to media reports, raised prices of its iPads and MacBooks amid surging memory and storage chip costs.

Dow JonesNasdaq CompositeS&P 500$AAPL$MU

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