Asian Stocks Mixed as RBA Holds Rates, Oil Risks Rise 
Singapore Raises 2026 GDP Growth Forecast as AI Demand Fuels Economy 
European Stocks Flat as Oil Prices Rise, US CPI in Focus 
S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions 
Wall Street Slips as Oil Prices Surge 5% on Iran-Hormuz Uncertainty 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
Iran-Oman Near Strait of Hormuz Deal as Shipping Tensions Persist 
Singapore Raises 2026 GDP Growth Forecast to 4.5%-5.5% as AI Boom Fuels Economy 
Goldman Sachs Sees US Stock Buybacks Outpacing Equity Issuance as AI Funding Rises 
Asian Stocks Rise as Weak US Jobs Data Eases Fed Rate Hike Bets 
BOJ Signals Faster Rate Hikes as Inflation Risks Raise September Move Odds 
Asian Stocks Rise as Weak US Jobs Data Eases Fed Rate Hike Fears 
Gold Price Hits Two-Month High as Investors Await US Inflation Data 
US Dollar Near Two-Month Low as Markets Await Inflation Data 
S&P 500, Nasdaq Futures Rise as Iran Risks and CPI Loom 
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.
