The trading session on June 27 concluded with a decline across major US stock indices, led by a sell-off in the semiconductor sector. Western Digital shares plummeted 13%, while Micron Technology fell over 6%.
Among the most actively traded US stocks, Micron Technology's drop of more than 6% highlighted the ongoing pressure on chipmakers.
Popular US-listed Chinese stocks mostly advanced. NetEase surged more than 7%, and PDD Holdings gained over 4%.
A review of major commodities showed oil prices declining, aluminum prices falling for a fourth consecutive week, and gold prices moving higher.
European markets retreated from record highs as concerns over the technology sector resurfaced.
Key Global Developments
Former US President Donald Trump stated that an Iranian drone attack on a vessel in the Strait of Hormuz violated a ceasefire agreement.
The US military announced strikes against Iran in response to attacks on commercial shipping.
The United States launched strikes on Iran following an assault on a cargo ship in the Strait of Hormuz.
Trump vowed to impose 100% tariffs on countries that levy digital services taxes on American companies.
Iran's Revolutionary Guard claimed that several statements regarding conflict with the US were fabricated.
Iran's Revolutionary Guard stated it thwarted a US military attack and promised a severe response.
Iran denied establishing a communication hotline with the US concerning the Strait of Hormuz.
The US announced the establishment of a military coordination group to assist in implementing a trilateral framework agreement involving the US, Israel, and Lebanon.
Israel and Lebanon are reportedly close to a framework agreement aimed at ending hostilities.
Lebanon's President stated that reaching a framework agreement is the first step toward restoring the country's sovereignty.
Israel's Prime Minister indicated that Israeli forces will remain in a "security zone" in southern Lebanon until Hezbollah disarms.
Israel's Transportation Ministry stated that the US military will expedite the removal of American aircraft parked at Israeli airports.
Oman has reportedly informed allies that ships transiting the Strait of Hormuz may be required to pay fees.
Corporate and Technology News
Oracle shares posted their worst weekly performance since the dot-com bubble burst in 2001, as concerns over AI funding intensified.
Anthropic is reportedly close to reaching an agreement with the US government, which could lift restrictions on its AI models.
Elon Musk received approval to acquire optical communications firm Mesh, advancing his space-based computing strategy as part of accelerated IPO commitments.
The head of Apple's Vision Pro headset and smart glasses division is set to leave the company to join OpenAI.
OpenAI released its GPT-5.6 series of models, offering limited access in response to US government requests, while stating this should not become a long-term default practice.
Following pressure from the previous administration, OpenAI will phase in the opening of its new AI models.
Semafor reported that Qualcomm plans to use a new chip architecture for mobile phones.
Apple's first touchscreen MacBook is said to be equipped with an M5 chip, with an M7 model to follow later.
Mercedes-Benz and Singapore's GIC are reportedly among the cornerstone investors for Momenta's Hong Kong IPO.
OpenAI is considering an initial public offering as early as 2027, which could occur after Anthropic's market debut.
Market Analysis and Commentary
One of the first significant appointments by a key official was naming two Federal Reserve economists as advisors, focusing on interest rate research.
In the US bond market, short-term Treasuries led gains, supported by falling oil prices.
Federal Reserve official Neel Kashkari noted inflation pressures are becoming more broad-based, suggesting the central bank may need to raise interest rates.
The International Maritime Organization estimates approximately 80 naval mines are present within the traditional shipping lanes of the Strait of Hormuz.
A former Goldman Sachs partner warned that stock valuations should be a cause for concern among investors.
Gold prices surpassed $4,000 per ounce as US inflation data weakened expectations for further rate hikes.
A University of Michigan survey indicated a rebound in consumer confidence and an improvement in inflation expectations.
Inflation in the Eurozone is expected to slow for the first time since the outbreak of conflict involving Iran, with data due next week.
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