This content was published on
July 8, 2026 - 10:35
3 minutes
(Bloomberg) — Stocks fell and oil rallied after President Donald Trump declared the ceasefire between the US and Iran over amid an escalation in hostilities in the Middle East. South Korea’s Kospi Index entered a bear market.S&P 500 futures fell 0.8% following the previous session’s selloff in chip stocks. Brent hit the highest level in two weeks, advancing 5.3% to around $78 a barrel. The Stoxx 600 fell 1.5% as crude prices pushed bond yields higher. Treasuries ticked lower and the dollar wavered.In South Korea, the Kospi extended losses since last month’s high to 20%. This year’s best-performing major benchmark has been lashed by volatility amid a rotation in the AI trade, with investors shifting out of semiconductors in search of more attractive tech valuations. Alibaba Group Holding Ltd. jumped 12% in Hong Kong.Renewed hostilities in the Middle East threaten a fresh wave of disruption to energy markets. Trump’s remarks came shortly after the US launched a new wave of strikes against Iran and revoked a waiver that allowed the sale of Iranian oil.“Overlapping negative news flow is pushing markets down now and with no major earnings coming out in the next few days to change that trend, it seems there will be little respite for markets,” said Michael Field, chief equity strategist at Morningstar.Corporate News:UniCredit SpA moved closer to control of Commerzbank AG after investors tendered enough shares at the end of the Italian lender’s takeover offer to raise the stake it can potentially oversee to 47.6%. Singaporean state-owned investor Temasek Holdings Pte is ramping up its exposure to artificial intelligence and the Americas, a shift which helped push its net portfolio value to S$518 billion ($401 billion) in the last financial year. Some of the main moves in markets:StocksThe Stoxx Europe 600 fell 1.5% as of 9:32 a.m. London time S&P 500 futures fell 0.7% Nasdaq 100 futures fell 1.1% Futures on the Dow Jones Industrial Average fell 0.7% The MSCI Asia Pacific Index fell 0.8% The MSCI Emerging Markets Index fell 0.6% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1413 The Japanese yen fell 0.2% to 162.40 per dollar The offshore yuan was unchanged at 6.8035 per dollar The British pound was little changed at $1.3348 CryptocurrenciesBitcoin fell 2.7% to $61,960.66 Ether fell 2.9% to $1,731.25 BondsThe yield on 10-year Treasuries advanced two basis points to 4.57% Germany’s 10-year yield advanced six basis points to 3.05% Britain’s 10-year yield advanced nine basis points to 4.94% CommoditiesBrent crude rose 5.3% to $78.06 a barrel Spot gold fell 0.6% to $4,079.70 an ounce This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
