Stocks Rattled by Tech Selloff Again, Oil Retreats: Markets Wrap

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June 26, 2026 - 08:01

8 minutes

(Bloomberg) — Global stocks slumped to a two-week low after a slide in Apple Inc.’s shares and a report that OpenAI may delay its initial public offering triggered another selloff in the tech sector.South Korea’s market was hit by a second trading suspension this week as the Kospi tumbled as much as 9%, before paring some declines. A broader gauge of Asian stocks plunged more than 3%. Nasdaq 100 futures were down 1.3% while S&P 500 contracts slid 0.7%. European stock futures lost 0.8%.Apple’s stock declined 6.1% in the US after it raised prices on Macs, iPads and home devices. Asian tech stocks, including the iPhone maker’s suppliers, were hit by concern that rising component prices will curb demand for devices and eventually slow the memory chip rally that has powered much of the AI trade.In Tokyo, SoftBank Group Corp.’s shares plummeted 14% after the New York Times reported that OpenAI was leaning toward holding off the IPO until 2027, delaying potential returns for its Japanese backer. The Nikkei 225 was down 4.5%.A decline in oil prices did little to improve sentiment for equity traders. Brent crude fell to trade around $74 a barrel after climbing on Thursday, when a projectile strike on a vessel in the Strait of Hormuz renewed concerns about safe passage through the vital waterway following a recent pickup in traffic. Futures had briefly erased all their wartime gains before the ship attack.“Apple has been forced to raise Mac and iPad prices, citing an unprecedented memory chip shortage driven by AI data center demand. The fact that one of the world’s largest component buyers cannot absorb the cost surge raises real questions about demand elasticity and the durability of memory chip margins,” said Fabien Yip, a market analyst at online brokerage IG International.“Separately, OpenAI’s potential IPO delay reflects the impact of recent tech stock volatility on retail enthusiasm,” she said.Global equity markets are capping a volatile week in which shifting sentiment around the AI trade whipsawed tech stocks, with investors parsing everything from spending plans to corporate earnings. Although Micron’s results provided some reassurance, the latest developments have left investors on edge once again. For June, the MSCI All Country World Index is down about 2.5%, heading for its first monthly decline this quarter.Microsoft Corp. also announced a third price increase for its current-generation Xbox video-game consoles in another example of the component shortage crisis that has driven up the cost of consumer tech products.What Bloomberg Strategists say:“Investors have been betting on unending blue skies for AI themes, so any setback is always likely to generate an outsized response on the downside as stocks positioning is adjusted. The close proximity of the June month-end may be adding to the rush to trim exposure. Apple’s overnight slide offers another warning that consumers may have limits when it comes to absorbing higher prices tied to the AI upgrade cycle.— Mark Cranfield, Markets Live strategist. Click here for the full analysis.The Nasdaq 100 Index finished up 0.8% on Thursday after having climbed as much as 2.1%. Besides Micron, Qualcomm Inc. shares also jumped after it forecast annual sales of more than $15 billion from artificial intelligence components in data centers by fiscal 2029. The S&P 500 ended flat, with the selloff in Apple’s stock offsetting an early rally fueled by Micron Technology Inc.’s blockbuster results.In Asia, however, shares of chipmakers SK Hynix Inc., Samsung Electronics Co. and Kioxia Holdings Corp. were among the biggest drags on the Asian benchmark on Friday, following a surge in the previous session.For investors in South Korea, swings this week are yet another reminder that the market’s fortunes remain closely tied to the AI trade. Sharp moves in chip heavyweights have made the Kospi behave more like a single technology stock than a diversified index. Meanwhile, Samsung and SK Hynix are preparing to announce hundreds of billions of dollars worth in new investments on Monday, according to local media reports.Elsewhere in markets, gold hovered around $4,000 an ounce, while silver lost 2.1%. Iron ore was on track for a seventh weekly loss, the worst run since 2022, as demand weakened seasonally and mill margins narrowed. The Bloomberg Dollar Spot Index was steady, staying near a seven-month high reached earlier in the week. The yield on 10-year Treasuries fell one basis point to 4.38%.The dollar is wrapping up one of its best months in a year, with a raft of Wall Street banks expressing renewed faith in the US currency.Meanwhile, bond traders trimmed bets for a Federal Reserve interest-rate hike in the months ahead after the central bank’s favored inflation gauge rose less than estimated on Thursday. The personal consumption expenditures price index climbed 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.Federal Reserve Bank of New York President John Williams said interest rates are well positioned to bring inflation back toward the central bank’s target. Officials left rates steady last week while signaling growing support for hikes this year.“Until there is greater clarity on inflation, policy direction and geopolitical developments, the front end of the curve provides a compelling balance of return and risk that longer maturities struggle to match,” said Yulia di Mambro, portfolio manager for fixed income at Federated Hermes. “The 1–3-year segment seems particularly attractive.”Corporate Highlights:JPMorgan Chase & Co.’s latest management revamp is elevating two Wall Street veterans at the bank — one who cut his teeth trading bonds and currencies and the other who spent years inside boardrooms advising CEOs — placing them in pole position to succeed Chief Executive Officer Jamie Dimon. The US Army struck deals with several companies to build critical minerals processing plants on military bases around the country, a first-of-its-kind initiative by the Trump administration to boost domestic production of key materials. China’s DeepSeek, fresh off agreements for a blockbuster fundraising, said it is working to at least double the size of all departments, as it steps up efforts to compete with domestic rivals and global leaders such as OpenAI and Anthropic PBC. The company behind the Philippines’ biggest mobile wallet GCash is preparing what may become the country’s biggest initial public offering ever, seeking to raise as much as 92.3 billion pesos ($1.5 billion). Some of the main moves in markets:StocksS&P 500 futures fell 0.7% as of 6:56 a.m. London time Nasdaq 100 futures fell 1.3% Futures on the Dow Jones Industrial Average fell 0.3% The MSCI Asia Pacific Index fell 2.9% The MSCI Emerging Markets Index fell 3.2% Japan’s Topix fell 1.6% Australia’s S&P/ASX 200 rose 0.2% Hong Kong’s Hang Seng fell 1.6% The Shanghai Composite fell 1.3% Euro Stoxx 50 futures fell 0.8% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1380 The Japanese yen rose 0.1% to 161.55 per dollar The offshore yuan was little changed at 6.8039 per dollar The British pound rose 0.1% to $1.3206 CryptocurrenciesBitcoin rose 0.8% to $59,842.56 Ether fell 0.3% to $1,553.78 BondsThe yield on 10-year Treasuries declined one basis point to 4.38% Germany’s 10-year yield was little changed at 2.86% Britain’s 10-year yield advanced two basis points to 4.70% Japan’s 10-year yield declined 2.5 basis points to 2.595% Australia’s 10-year yield was little changed at 4.72% CommoditiesSpot gold fell 0.4% to $4,011.30 an ounce West Texas Intermediate crude fell 1.5% to $70.83 a barrel This story was produced with the assistance of Bloomberg Automation.–With assistance from Ruth Carson, Sangmi Cha, Winnie Hsu, Bernadette Toh and Jake Lloyd-Smith.©2026 Bloomberg L.P.