U.S. tech stock futures were down in the European morning as a global tech selloff gathered pace.
A report that OpenAI was considering delaying its mooted public offering further soured already weak sentiment around the artificial-intelligence boom. The ChatGPT-maker is holding off as it seeks a $1 trillion valuation, the New York Times reported.
Asian AI-related stocks fell sharply, with South Korean regulators halting trading for the second time this week as traders rushed out of memory chip stocks. The U.S. Nasdaq is on track for its fifth straight day of declines.
Oil prices fell as traffic continued through the Strait of Hormuz. Prices had risen in the last session following an Iranian attack on a Singapore-flagged cargo ship in the strait, though oil is still down nearly 30% so far this month.
The dollar and U.S. Treasury yields pulled back from recent highs following the release of crucial inflation data Thursday, as market rate-hike expectations cooled slightly.
For the day ahead, investors watch for the University of Michigan's final consumer sentiment index for June, and a panel appearance by the Federal Reserve's Neel Kashkari.
--Oil prices fell as the market focused on the resumption of flows through the Strait of Hormuz, despite an Iranian attack against a cargo ship reigniting concerns about shipping risks in the region. Brent crude fell 2% to $74.03 a barrel, while WTI futures were down 2.1% to $70.38 a barrel. "The latest strike on a vessel will likely slow traffic," analysts at ING said. "However, with the broader market focused on a recovery in oil flows from the region, price momentum still appears to be to the downside."
--U.S. futures for the S&P 500 were down 0.3%, while the Dow Jones Industrial Average climbed 0.1%. Nasdaq futures slid 0.6%. The index has lost 4.4% over the last four trading days.
--Asian equities fell amid a tech-led selloff. South Korea's Kospi ended 5.8% lower after slumping more than 8% earlier, prompting regulators to halt trading for the second time this week. Nvidia supplier SK Hynix slumped 9.2% and Samsung fell 7.7%. In Japan, SoftBank Group--which has a large stake in OpenAI--tumbled over 12%. The Nikkei Stock Average fell 4.15% and China's Shanghai Composite Index was down 2.3%.
--European stocks opened lower. A basket of tech stocks fell 1.2% while banks dropped 0.7%, as the Europe-wide Stoxx 600 index slid 0.4%. The FTSE 100 was 0.3% lower, as London miners continued to tumble on weaker precious-metals prices. Germany's DAX fell 0.7%, with Zalando down 4.4% after the German regulator said it is auditing the online retailer's financial statements. The French CAC 40 was 0.25% lower. Banks and energy companies fell, while chip maker STMicroelectronics was down 3.3%. The cross-listed chip maker also dragged on Italy's FTSE MIB--down 0.75%. Spain's IBEX 35 edged down 0.1%. Semiconductor supply chain stocks helped drag the Dutch AEX down 0.7%, with ASML down 1.4%.
--The dollar edged lower as markets scaled back interest-rate rise expectations for the Federal Reserve. Data on Thursday showed PCE prices rose 0.4% month-on-month, below the 0.5% expected by economists in a WSJ survey. This "pushed back a bit against the building narrative towards Fed rate hikes in recent weeks," Deutsche Bank analysts said in a note. There is growing speculation that the Fed might not need to raise rates at all this year, even though Fed officials remain cautious on the inflation outlook, they said. The DXY dollar index fell 0.1% to 101.362, having reached a 13-month high of 101.800 on Wednesday.
--U.S. Treasury yields fell in Asian trade alongside lower oil prices even as Thursday's PCE data signaled inflationary pressures. "The Fed will be unhappy about inflation when they meet next in July, but likely will still hold rates steady," Fifth Third Commercial Bank's Bill Adams said in a note. "They probably will want to wait to see if inflation improves as the shocks from tariffs and the war fade." Middle East developments could remain a driver. The 10-year Treasury yield was down 1.8 basis points at 4.376%.
--Bitcoin recovered slightly after reaching a 21-month low in the previous session on a renewed selloff in tech stocks. Bitcoin rose 1.5% to $60,258, having fallen to as low as $58,075 on Thursday.
--Gold prices bounced back above $4,000 a troy ounce, but are still headed for a weekly loss. "Gold is heading for a fourth weekly loss, with investor sentiment still shaken by the recent selloff as markets adjust to the twin headwinds of a hawkish Fed and a stronger dollar," analysts at Saxo Bank said. "While the technical breakdown continues to weigh on sentiment, continued declines in energy prices and softer bond yields may eventually reduce pressure on the Federal Reserve to tighten policy further, potentially offering some support to the precious metal." In early trading, New York futures were flat at $4,047.30 an ounce, down nearly 5% on the week.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
June 26, 2026 04:11 ET (08:11 GMT)
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