UK House Prices Slip for Third Straight Month as Borrowing Costs and Iran Conflict Weigh on Demand 
Asian Stocks Decline as Investors Exit Tech Shares Ahead of U.S. Jobs Data 
US Stock Futures Slide as Broadcom Earnings Miss Sparks Chip Stock Selloff 
Fitch Cuts Global Growth Outlook for 2026 as Oil Shock From U.S.-Iran Conflict Weighs on Economy 
US Dollar Holds Near Two-Month High as Fed Rate Outlook and Middle East Tensions Boost Demand 
US-Iran Gulf Clash Raises Oil Market and Defense Stock Concerns 
Asian Currencies Stabilize as U.S. Dollar Remains Strong Ahead of Key Jobs Data 
Oil Prices Climb as Middle East Tensions Escalate and Ceasefire Prospects Fade 
Asian Stocks Rally as AI Optimism and Tech Surge Lift Regional Markets in 2026 
Gold Prices Slide as Strong Dollar and Rate Concerns Pressure Bullion 
BOJ June Rate Hike Likely as Inflation Risks Rise Amid Middle East Tensions 
South Korea Weighs AI Profit Sharing as Samsung and SK Hynix Earnings Surge 
Trump Forced Labour Tariff Plan Faces Criticism as Experts Question Effectiveness 
Gold Prices Tumble as Strong U.S. Jobs Report Fuels Fed Rate Hike Expectations 
Gulf Tensions Escalate as Iranian Missile Attacks Fail and Nuclear Talks Remain Stalled 
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.
