Semiconductor Selloff Hammers Nasdaq, Global Equities
A deepening rout in chip stocks sent Nasdaq 100 futures tumbling roughly 2% on Friday, with memory-chip makers like Micron, SanDisk, and Western Digital falling between 4.6% and 6.5% in premarket trading. Investors are broadly reassessing the sustainability of the AI-fueled rally, pushing the Philadelphia SE Semiconductor Index to a near two-month low and on track for its worst week since March 2025.
Oil Surges Over 11% for the Week on Escalating U.S.-Iran Conflict
Crude oil prices surged, with Brent trading near $85 a barrel and WTI around $80, as the U.S. and Iran exchanged intensifying strikes for a sixth consecutive day, severely restricting tanker traffic through the Strait of Hormuz. Both Brent and WTI were on pace for their largest weekly gains since April, up more than 11%, as Iran also warned its Houthi allies to be ready to close the Red Sea oil route.
Netflix Tumbles ~9% on Weak Third-Quarter Guidance
Netflix shares fell approximately 9.4% in premarket trading after the streaming giant issued third-quarter revenue and earnings guidance that fell short of Wall Street expectations, marking a second straight quarter of slowing sales growth. The disappointing forecast added to the broader risk-off sentiment already weighing heavily on tech stocks.
Apple Overtakes Nvidia as World's Most Valuable Company
Apple reclaimed the title of the world's most valuable company for the first time since April 2025, valued at approximately $4.90 trillion, as Nvidia slipped roughly 2.4% amid the broader chip sector selloff. Nvidia had held the top spot since June 2025, but the recent semiconductor rout has knocked the Philadelphia SE Semiconductor Index nearly 19% from its all-time highs.
Fed Rate Hike Bets Fade Sharply After Soft Inflation Data
Softer-than-expected U.S. CPI and PPI readings this week caused traders to sharply cut bets on imminent Federal Reserve rate hikes, with markets now pricing in only about 26 basis points of hikes by December, down from 44 basis points earlier in the week. The probability of a July hike has collapsed to around 10-11%, though Middle East-driven energy price risks are keeping some inflation concerns alive.
Bitcoin Slides, Down 50% From October Peak
Bitcoin fell roughly 1% on Friday to trade around $63,127, extending a prolonged decline that has seen the original cryptocurrency lose half its value since peaking above $126,000 in October 2025. Unlike previous crypto winters driven by single bouts of turmoil, this slump has been characterized by a steady erosion of investor interest, bringing prices to levels last seen in September 2024.