PiCK
Trump: "We’ll keep bombing them"…All three major indexes tumble [New York Market Briefing]
Summary
- It said that all three major indexes fell sharply as expectations for a U.S.-Iran ceasefire weakened, alongside rising military tensions between the two countries.
- It said that Brent crude futures jumped 5% and WTI futures rose 5%, while bond yields surged, spreading concerns about rising inflation.
- It said that tech weakness stood out, including Nvidia down 4.15%, Meta down 7.96%, and Alphabet down 3.43%.
Forecast Trend Report by Period
U.S. stocks tumbled across the board as expectations for a U.S.-Iran ceasefire faded.
On June 26 (local time), the Dow Jones Industrial Average closed at 45,947.81, down 481.68 points (1.01%) from the previous session at the New York Stock Exchange.
The large-cap S&P 500 fell 114.80 points (1.74%) to 6,477.10, while the tech-heavy Nasdaq Composite dropped 521.75 points (2.38%) to finish at 21,408.08.
U.S. President Donald Trump stepped up his rhetoric toward Iran on Truth Social, saying, "They’d better get serious before it’s too late." At the first Cabinet meeting held since the outbreak of the Iran war, he also issued a threat, saying, "Without any interference, we will keep bombing them."
Iran, for its part, said it was "reviewing the U.S. proposal," but added that it has no intention of talking with the United States.
As military tensions between the two countries intensified, international oil prices climbed again. Brent crude futures, the global benchmark, surged 5% to top $108 a barrel, while West Texas Intermediate (WTI) futures also rose 5% to $94 a barrel.
As the volatile oil trend fueled concerns about rising inflation, bond yields also jumped.
According to electronic trading platform Tradeweb, the yield on the 10-year U.S. Treasury rose 0.09% point from the prior session to 4.42% near the New York market close.
The yield on the 2-year U.S. Treasury, which is sensitive to monetary policy, jumped 0.12% point from the previous session to 4.00%.
By stock, AI chip bellwether Nvidia plunged 4.15%, while SanDisk (-11.02%), Micron (-6.98%) and AMD (-7.46%) also struggled.
Meta and Alphabet, Google’s parent, fell 7.96% and 3.43%, respectively. The moves were seen as reflecting the impact of a U.S. court jury’s decision the previous day to award a total of $6 million (about 900 million won) against Meta and Google in a lawsuit over teen social media (SNS) addiction.
Noh Jeong-dong, Hankyung.com reporter dong2@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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