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June 26, 2026 - 00:05
5 minutes
(Bloomberg) — Stocks in Asia were set for a mixed open Friday after a volatile Wall Street session, where renewed selling in megacap technology shares offset gains fueled by resilient US economic data.Equity futures for Japan, Hong Kong and South Korea pointed lower, while Australia was set to gain. US futures were little changed after Wall Street erased an early rally fueled by Micron Technology Inc.’s bullish sales forecast. Apple Inc. slid 6.1% after raising prices on Macs, iPads and home devices, unwinding some of the enthusiasm over strong chipmaker forecasts. The Nasdaq 100 Index rose 0.8%, having climbed as much as 2.1% earlier.US oil steadied on Friday after climbing more than 2% in its previous session after a vessel was struck in the Strait of Hormuz, reviving concerns over shipping through the key waterway even as US-Iran peace talks continue. Meanwhile, better-than-expected US economic data buoyed broader risk sentiment, leading traders to trim bets on Federal Reserve interest-rate hikes this year.The market’s recent swings highlight investors’ growing unease over whether the technology giants that have powered the equity rally for much of the past two years can continue to justify their lofty valuations. Concerns over AI spending have driven sharp moves in semiconductor stocks this week, and while those worries eased after Micron’s results, volatility in the tech industry remained elevated.“A few cracks have developed in the tech sector recently,” said Matt Maley at Miller Tabak. “Therefore, we believe it will be extremely important to watch how these hyperscalers trade going forward because if they continue to decline, it’s going to make it very tough for the rest of the market to advance.”Earlier in the US session, sentiment was buoyed by data showing American consumer spending accelerated in May even as prices rose at the fastest pace in more than three years, suggesting households are weathering the fallout from the Iran war.The Fed’s preferred inflation gauge, the personal consumption expenditures price index, rose 0.4% in May, below economists’ median estimate for a 0.5% increase. The annual rate accelerated to 4.1%, well above the Fed’s 2% target.While those figures will likely leave the Fed under pressure to keep interest rates elevated, the recent pullback in energy costs may help ease inflationary pressures in the months ahead.Traders pared bets on Fed tightening, with swaps pricing about 34 basis points of hikes by December, down from roughly 36 basis points a day earlier. Short-term Treasury yields fell, while the implied odds of a rate increase next month slipped to about one in three.“The worst of inflation and consumer angst may be mostly behind us,” said Brian Jacobsen at Annex Wealth Management. “As long as gasoline prices trend lower, inflation expectations will likely follow suit.”Elsewhere, OpenAI is leaning toward holding off on an initial public offering until 2027, the New York Times reported, citing three people involved in the company’s deliberations.In commodities, gold rebounded as traders tempered expectations for interest-rate hikes, while silver advanced 0.8% to $57.8586 an ounce. Palladium and platinum also gained.Corporate Highlights:Microsoft Corp. announced a third substantial price increase for the company’s current-generation Xbox video-game consoles in a glaring example of the component shortage crisis that has universally driven up the cost of consumer tech products. Qualcomm Inc. jumped after the chipmaker forecast annual sales of more than $15 billion from artificial intelligence components in data centers by fiscal 2029. Jefferies Financial Group Inc. posted second-quarter earnings that missed analysts’ estimates as fees declined from a business overseen by its asset-management unit, which bet on the embattled auto-parts supplier First Brands Group. Darden Restaurants Inc. posted a cautious overall profit outlook as same-store sales at Olive Garden trailed expectations, raising questions about demand that overshadowed better-than-expected earnings Spices and seasonings maker McCormick & Co. reported second-quarter profit that beat estimates, buoyed by higher prices and a tariff refund, and reaffirmed its full-year guidance. Some of the main moves in markets:StocksS&P 500 futures were little changed as of 7:02 a.m. Tokyo time Hang Seng futures fell 0.3% S&P/ASX 200 futures rose 0.1% CurrenciesThe Bloomberg Dollar Spot Index fell 0.2% The euro was little changed at $1.1372 The Japanese yen was little changed at 161.77 per dollar The offshore yuan was little changed at 6.8008 per dollar The Australian dollar was little changed at $0.6909 CryptocurrenciesBitcoin rose 1.2% to $60,069.69 Ether rose 1.3% to $1,579.22 CommoditiesWest Texas Intermediate crude fell 0.6% to $71.52 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
