China Trade Surplus Hits $125.6 Billion as June Exports, Imports Smash Forecasts 
Asian Stocks Slide as Chip Selloff Deepens Ahead of TSMC Earnings 
Port of Los Angeles Posts Record June Cargo Volume as Importers Rush Ahead of U.S. Tariffs 
South Korea’s KOSPI Enters Bear Market Despite Remaining 2026’s Best-Performing Major Stock Index 
Australian Business Conditions Hold Steady as Easing Cost Pressures Face New Oil Price Risks 
China Home Prices Fall Again in June Despite Slower Pace of Decline 
Asian Stocks Rise as Softer U.S. Inflation Boosts Sentiment Despite Middle East Tensions 
Dollar Slides as Softer US Inflation Dims Fed Rate Hike Expectations 
Gold Prices Slip as Oil Rally Fuels Inflation Fears, Strengthens Dollar 
China Q2 2026 GDP Misses Forecast as Weak Domestic Demand Offsets Export Strength 
Asian Currencies Stay Rangebound as Middle East Tensions, Weak China GDP Weigh on Sentiment 
Japanese Yen Holds Steady as Intervention Hopes Grow Ahead of U.S. CPI Data 
Asian Stocks Rally as Cooling U.S. Inflation Boosts Fed Rate Cut Hopes 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
U.S. stocks closed sharply lower on Friday as a selloff in technology shares, led by semiconductor companies, weighed heavily on broader markets and dampened enthusiasm around the artificial intelligence trade. The downturn reflected growing investor concerns that lofty AI-driven valuations may be running ahead of near-term fundamentals.
By the closing bell at 4:00 p.m. ET, the Dow Jones Industrial Average dropped 245 points, or 0.5%. The S&P 500 fell 1.1%, while the NASDAQ Composite slid 1.7%, marking a broad-based decline across major indices as tech stocks dragged the market into a sea of red.
Broadcom shares sank after the chipmaker warned that its high-margin, non-AI business is expected to post muted performance in the current quarter. While Broadcom reported better-than-expected fiscal fourth-quarter earnings and issued an above-consensus revenue forecast, investors focused on margin pressures and long-term uncertainties. The company also disclosed that a major data center agreement with OpenAI is unlikely to generate returns before 2027, raising questions about the timing of AI-related profitability. Despite highlighting an AI order backlog of $73 billion over the next 18 months, sentiment turned cautious as management acknowledged that at least two major customers are considering developing their own AI data center chips.
The weakness in Broadcom spilled over to other semiconductor stocks, including Nvidia, Advanced Micro Devices, Micron Technology, Lam Research, and Marvell Technology, amplifying losses across the tech sector. The pullback followed a downbeat outlook from Oracle a day earlier, which added to fears that AI-linked stocks may be overextended after a strong rally.
Outside of tech, Costco delivered a brighter note after beating Wall Street estimates for first-quarter revenue, supported by resilient consumer demand despite economic uncertainty. Lululemon Athletica shares surged after the company announced a CEO transition and raised its full-year profit forecast.
Looking ahead, investors continue to weigh valuation concerns against expectations for monetary easing. Markets are pricing in at least 50 basis points of interest rate cuts next year, driven by expectations of a more dovish Federal Reserve leadership. While firms like BCA Research and Goldman Sachs remain constructive on U.S. equities into 2026, they caution that returns may be more modest as earnings growth and profitability among mega-cap stocks become increasingly critical drivers of market performance.
