Daily Updates

Positive earnings results from a major US semiconductor manufacturer looked set to revive investors in the early stages of the US session, but sentiment waned very quickly, leaving the S&P 500 flat and the tech-heavy Nasdaq lower.

Ongoing concerns over the sustainability of the artificial intelligence boom continued to drag on Wall Street last night. Brent and WTI futures are now back to the levels from the start of the US-Iran war, as the traffic in the Strait of Hormuz is normalising.

The global stocks were a sea of red yesterday, with the sell-off driven by information technology amid concerns over the sustainability of the artificial intelligence boom.

Wall Street started the trading week on a mixed note, with the S&P 500 ebbing by 0.4% in a catch-up to the losses in the global markets over the US long weekend. Oil prices fell further amid signs of progress in the US-Iran negotiations in Switzerland.

It was a very quiet end to the trading week in the global financial markets, with US investors away for the Juneteenth holiday. However, Europe and parts of the Asia-Pacific saw losses on Friday, as further cracks appeared on the freshly signed ceasefire memorandum of understanding between the US and Iran.

US stocks bounced back last night, as the US and Iran memorandum of understanding took effect and traffic in the Strait of Hormuz has started to tick up. However, first cracks on the memorandum of understanding and fresh sanctions on Russia saw oil prices pick up slightly from their three-month lows.