Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
Australia Jobs Growth Strengthens Rate Hike Outlook 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
Trump Requests $11 Billion More in Farm Aid as Rising Costs Pressure U.S. Farmers 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
White House Seeks $87.6 Billion Emergency Funding for Iran War, Farmers, and Ebola Response 
US Dollar Slips After PCE Inflation Data as Fed Rate Hike Expectations Stay Elevated 
World Bank Approves $1.1 Billion Emergency Funding for Bangladesh Amid Food and Energy Price Pressures 
Gold Drops Below $4,000 as Strong US Dollar and Fed Rate Hike Expectations Pressure Bullion 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Japan Signals Preference for Low Interest Rates as BOJ Policy Debate Intensifies 
South Korea’s KOSPI Plunges as Apple Price Hikes and OpenAI IPO Delay Shake AI Chip Stocks 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Wall Street closed sharply lower Friday following Iran’s missile strike on Israel, a retaliatory move after Israeli attacks on Iran’s nuclear sites. The conflict has triggered fears of a broader Middle East war, shaking global investor confidence.
Explosions rocked Tel Aviv and Jerusalem as Israel’s military confirmed missile launches from Iran. The geopolitical tension sent oil prices soaring nearly 7%, raising concerns about disruptions in Middle East crude supply. Analysts warned that if the Strait of Hormuz is affected, global markets could face serious turmoil.
Energy stocks surged in response, with ExxonMobil (NYSE:XOM) up 2.2% and Diamondback Energy (NASDAQ:FANG) climbing 3.7%. In contrast, airline shares tumbled on rising fuel cost fears—Delta Air Lines (NYSE:DAL) dropped 3.8%, United Airlines fell 4.4%, and American Airlines (NASDAQ:AAL) sank 4.9%.
Defense stocks gained as investors looked to military suppliers. Lockheed Martin (NYSE:LMT), RTX, and Northrop Grumman (NYSE:NOC) all rose over 3%.
The S&P 500 declined 1.13% to 5,976.97, the Nasdaq lost 1.30% to 19,406.83, and the Dow fell 1.79% to 42,197.79. Financial and tech sectors led the decline, with financials down 2.06% and tech off 1.5%. For the week, the S&P 500 slipped 0.4%, Nasdaq 0.6%, and Dow 1.3%.
Adobe (NASDAQ:ADBE) dropped 5.3% over AI adoption concerns, while Oracle (NYSE:ORCL) surged 7.7% on strong AI-driven forecasts. Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL) dipped 2.1% and 1.4%, respectively. Visa (NYSE:V) and Mastercard (NYSE:MA) both fell over 4% amid reports that retailers are exploring crypto alternatives.
Despite rate-hike concerns easing, the market remains volatile, with declining S&P 500 stocks outnumbering gainers by over 6 to 1.
