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Asian stock markets plunged on Monday, with South Korea's KOSPI crashing 8.29% and the KOSDAQ falling over 9%, triggering circuit breakers. The sell-off followed Wall Street losses driven by AI valuation fears and potential Fed rate hikes after a strong U.S. jobs report.
Sensex and Nifty dropped over 1% at open and traded 0.7% lower on Monday as rising crude oil prices and Fed rate hike expectations weighed. Brent crude rose nearly 5% to $97.60 after renewed conflict in the Middle East dampened hopes of the Strait of Hormuz reopening. Global markets fell, with US tech stocks also selling off.
AI and semiconductor stocks surged on Monday, led by Intel (11%) after reports that Google and Nvidia are considering Intel as a backup chip manufacturer. Nvidia gained 1%, AMD 5%, and Micron 11%, while semiconductor equipment makers rose 7%-10%.
South Korea's Kospi Index tumbled more than 8%, triggering a 20-minute trading halt shortly after market open. Samsung Electronics fell as much as 11% and SK Hynix slid 10%, as investors pulled back from AI bets that have fueled the global bull market.
Global equities fell slightly on Monday but Wall Street found support from a tech stock bounce, with the S&P 500 technology index rising 1.5% after Friday's 5.8% plunge. Oil prices pared gains as Iran and Israel signaled a halt in attacks after a U.S. appeal. Asia markets saw sharp declines, with South Korea's KOSPI tumbling 8.3%.
This commentary argues that the SpaceX IPO reveals systemic flaws in the US stock market, where hype and celebrity statements drive valuations over fundamentals. The author contends that investors reward Elon Musk's ambitious but often unfulfilled promises, drawing parallels to meme stocks and criticizing the financial establishment for enabling this behavior.
US stock futures were mixed on Monday after Iran and Israel exchanged strikes, with Dow futures down 0.3% and Nasdaq 100 futures up 0.7%. Oil prices surged over 4% on the escalation, with Brent above $97 a barrel.
JPMorgan's trading desk cut its near-term view on US stocks from bullish to 'tactically cautious' following last week's selloff. The bank's head of global market intelligence warned markets may remain choppy as tech stocks continue to decline, with bond yields potentially rising after inflation data ahead of the Fed's June 17 rate decision.
This commentary argues that the AI-driven stock market rally may be ending due to rising interest rates, triggered by strong US employment data. It contends that signs of AI mania, including massive capex spending and high IPO valuations, indicate a bubble that the Federal Reserve's rate hikes could burst.
Shares of Rajesh Exports hit a 5% lower circuit for the third consecutive session after Sebi alleged a Rs 15.15 lakh crore fraud. The regulator found prima facie evidence that nearly 97-99% of reported revenue may have been inflated and barred chairman Rajesh Mehta from dealing in securities.