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The major U.S. index futures are currently pointing to a lower open on Friday, with stocks likely to move to the downside following the mixed performance seen in the previous session.<\/p>\n
Weakness among technology<\/span> stocks is likely to weigh on the markets<\/span> early on, as reflected by the 1.3 percent slump by the tech-heavy Nasdaq 100 futures.<\/p>\n Concerns about the outlook for the AI trade may contribute to the initial weakness among tech stocks after a report from the New York Times said OpenAI is considering delaying its IPO to next year.<\/p>\n The New York Times said the company’s advisers are pushing its chief executive, Sam Altman, to move slowly after SpaceX’s (SPCX) stock has been volatile and as the start-up grapples with financial challenges.<\/p>\n “The one-way rally that characterized much of April and May has given way to more selective positioning, where company fundamentals, economic data and central-bank expectations are once again driving performance,” said Daniela Hathorn, Senior Market Analyst at Capital.com.<\/p>\n She added, “The AI narrative remains the dominant structural theme, but with valuations elevated and the Fed maintaining a cautious stance, investors are becoming increasingly discerning about where they deploy capital.”<\/p>\n U.S. stocks turned in a mixed performance on Thursday, with investors digesting a slew of crucial economic data and some corporate news, including earnings update from Micron. The focus was also on reports about the ongoing U.S.-Iran peace efforts.<\/p>\n The Dow added 71.72 points or 0.1 percent to finish at 51,920.62, while the Nasdaq fell 118.03 points or 0.5 percent to end at 25,358.60 and the S&P 500 edged down 0.73 points or less than a tenth of a percent to close at 7,357.49.<\/p>\n Shares of Micron Technology soared 15 percent thanks to stronger-than-expected earnings and an upward revision in the company’s revenue forecast. The chipmaker expects revenue of $50 billion in the quarter to August, which is well above expectations.<\/p>\n Another stock to move up sharply was Qualcomm, which gained more than 5 percent after raising its projection two-fold with regard to non-handset revenue for the next three years.<\/p>\n Meanwhile, shares of Amazon, Nvidia, Oracle, Alphabet and Microsoft declined sharply. Apple dropped by about 6 percent.<\/p>\n In economic news, the Labor Department showed the core PCE price index in the U.S. – which is the Federal Reserve’s preferred gauge of underlying inflation – rose 3.4 percent on year in May, the most since October 2023 and well above the Federal Reserve’s 2 percent target.<\/p>\n Also, the Commerce Department said new orders for US-manufactured durable goods dropped by 4.5 percent on month to $332 billion in May, after an upwardly revised 8.5% jump in April. The Labor Department said seasonally adjusted initial jobless claims were at 215,000 last week, down from the previous week’s 227,000.<\/p>\n Finally, U.S. GDP rose 2.1 percent in the first quarter, compared to a revised 0.5 percent increase a quarter earlier. Year-on-year, GDP increased 3.6 percent in the first quarter of this year, compared to a revised 3.7 percent growth a year earlier.<\/p>\n Commodity, Currency Markets<\/b> <\/p>\n Crude oil futures are plunging $2.41 to $69.51 a barrel after jumping $1.58 to $71.92 a barrel on Thursday. Meanwhile, after climbing $38.80 to $4,407.60 an ounce in the previous session, gold futures are rising $11.50 to $4,059.10 an ounce.<\/p>\n On the currency front, the U.S. dollar is trading at 161.68 yen versus the 161.78 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1408 compared to yesterday’s $1.1369.<\/p>\n Asia<\/b><\/p>\n Asian stocks declined on Friday amid a broad sell-off in semiconductor and artificial intelligence-related companies after Microsoft and Apple increased prices on some of their most popular products.<\/p>\n AI demand is boosting some sectors, but at the same time creating pressures elsewhere in the tech supply chain.<\/p>\n The dollar index weakened slightly as PCE inflation data matched expectations and traders adjusted Federal Reserve rate hike bets.<\/p>\n Gold was marginally higher at $4,030 an ounce, while Brent crude prices fell more than 2 percent, dropping below $74 a barrel.<\/p>\n China’s Shanghai Composite Index plunged by 93.02 points, or 2.3 percent, to 4,027.26 after talks to sell a controlling stake in Evergrande Property Services Group collapsed.<\/p>\n Hong Kong’s Hang Seng Index ended down 405.05 points, or 1.8 percent, at 22,671.86 after a fresh bout of sell-off in technology companies. Alibaba Group Holding shares fell 5.8 percent.<\/p>\n Japanese markets slumped following an overnight sell-off in U.S. AI-linked and semiconductor shares. The Nikkei 225 Index tumbled 3,005.46 points, or 4.2 percent, to 69,360.88, while the broader Topix Index closed 53.11 points, or 1.3 percent, lower at 3,963.36.<\/p>\n AI and chip names came under heavy selling pressure, with SoftBank, Advantest and Taiyo Yuden losing 10-13 percent. The yen found footing near a 40-year low against the dollar as investors pared Fed rate-hike bets.<\/p>\n Seoul stocks nosedived as investors locked in profits after recent strong rallies. The Kospi Index plunged 519.09 points, or 5.8 percent, to 8,411.21.<\/p>\n Among the biggest drags, Samsung Electronics, SK Hynix, SK Square and Kioxia Holdings plummeted 5-11 percent on worries that too expensive memory chips would raise prices of end-use products and discourage tech companies from increasing large-scale AI investment.<\/p>\n Australian markets edged up slightly after a choppy session. The benchmark S&P\/ASX 200 Index rose by 15.50 points, or 0.2 percent, to 8,764.20 as mining and commodity-linked shares gained ground, offsetting losses in the healthcare and technology sectors. The broader All Ordinaries Index closed up 12.60 points, or 0.1 percent, at 8,964.20.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 Index finished marginally higher at 13,495.24 amid expectations that the Reserve Bank will refrain from hiking the official cash rate next month.<\/p>\n Europe<\/b><\/p>\n European stocks have declined on Friday as a global tech sell-off gathered pace and a container ship was attacked near the coast of Oman, forcing a pause on evacuations of stranded seafarers.<\/p>\n The German DAX Index is down by 1.2 percent, the U.K.’s FTSE 100 Index is down by 1 percent and the French CAC 40 Index is down by 0.7 percent.<\/p>\n The euro extended its recovery for a second consecutive session after a European Central Bank survey showed Eurozone consumers cut their price growth expectations for the next year in May and kept them steady for three and five years ahead.<\/p>\n Tech stocks tumbled on concerns about rising semiconductor costs. Infineon lost 3.8 percent, STMicroelectronics gave up 2.8 percent, BE Semiconductor fell more than 2 percent and ASML Holding dropped 1.4 percent.<\/p>\n German automakers BMW and Mercedes Benz fell around 1 percent each as investors assessed the potential implications of higher memory chip costs on the industry.<\/p>\n AI demand is boosting some sectors, but at the same time creating pressures elsewhere in the tech supply chain.<\/p>\n Online fashion retailer Zalando plunged 5.5 percent after Germany’s financial regulator, BaFin, launched an investigation into the company’s 2025 financial statements, alleging that a transaction related to the acquisitions of About You might have been omitted.<\/p>\n BP Plc shares fell nearly 2 percent in London and Shell dropped more than 1 percent as Brent crude and WTI crude prices fell back near levels last seen in late February on easing supply concerns.<\/p>\n British American Tobacco rallied 2 percent after it announced plans to launch another share buyback program during the closed period ahead of its July 30 half-year results.<\/p>\n Mining giant BHP fell more than 1 percent after announcing updates to the executive leadership team.<\/p>\n U.S. Economic News<\/b><\/p>\n The University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of June at 10 am ET. The consumer sentiment index is expected to upwardly revised to 50.0 from a preliminary reading of 49.3.<\/p>\n At 11:30 am ET, Minneapolis Federal Reserve President Neel Kashkari is due to participate in a panel discussion at the Aspen Ideas Festival 2026. <\/p>\n<\/p>\n<\/div>\n