S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
Asian Stocks Rise as Weak US Jobs Data Eases Fed Rate Hike Fears 
China Inflation Cools in July as CPI Misses Forecast, PPI Deflation Eases 
Gold Prices Hold Near Seven-Week High as Markets Await U.S. Inflation Data 
US Dollar Near Two-Month Low as Markets Await Inflation Data 
Oil Prices Rise as US-Iran Talks Stall, Inflation Risks Grow 
Singapore Raises 2026 GDP Growth Forecast as AI Demand Fuels Economy 
S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions 
South Korean Won Leads Asian FX Losses as Dollar Rises 
European Stocks Flat as Oil Prices Rise, US CPI in Focus 
US Stock Futures Flat as Iran Strait of Hormuz Demands Fuel Oil Concerns 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Gold Prices Rise as Fed Rate Hike Bets Ease 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
UK Retail Sales Rise as World Cup and Heatwave Boost Food, Pubs and Clothing 
Australian Shares Fall as Westpac Slides, Miners Gain Ahead of RBA Decision 
U.S. stocks suffered a sharp decline on Friday, ending Wall Street’s impressive nine-week winning streak as technology and semiconductor shares experienced heavy selling pressure. The market downturn came after a stronger-than-expected May jobs report raised concerns that the Federal Reserve could maintain higher interest rates for longer, reducing hopes for near-term monetary easing.
The Nasdaq Composite recorded its largest one-day percentage drop since April 2025, while the S&P 500 and Dow Jones Industrial Average also posted significant losses. Technology stocks, which had driven much of the market’s recent gains, were hit hardest as investors took profits following months of strong performance.
The Philadelphia Semiconductor Index plunged more than 11%, marking its steepest daily decline since March 2020 and wiping out over $1 trillion in market value. Major chipmakers including Nvidia, Intel, AMD, Micron Technology, and Broadcom suffered substantial losses as traders reassessed valuations in response to changing interest-rate expectations.
According to the U.S. Labor Department, the economy added 172,000 jobs in May, far exceeding analyst forecasts. While the strong employment data highlighted the resilience of the U.S. economy, it also reduced expectations for Federal Reserve rate cuts. Market participants are increasingly considering the possibility of additional policy tightening later in the year.
Investor sentiment was further pressured by ongoing geopolitical tensions in the Middle East. Concerns surrounding Iran, Israel, and shipping activity through the Strait of Hormuz have increased fears that higher energy prices could contribute to renewed inflationary pressures worldwide.
The S&P 500 fell 2.64% to 7,383.74, while the Dow Jones Industrial Average dropped 695 points, or 1.35%, to 50,866.78. The Nasdaq Composite declined 4.18% to 25,709.43. Market volatility surged, with investors rotating away from high-growth technology stocks and into more defensive sectors.
Despite the sharp correction, many analysts remain optimistic about the long-term outlook for artificial intelligence, semiconductor companies, and the broader technology sector. Market experts suggest the selloff reflects profit-taking and positioning adjustments rather than a fundamental shift in the ongoing tech bull market.
