The S&P 500 fell 0.05% to 7,353.95 as the chip index plunged 5.3%, capping a week that saw the Nasdaq shed 4.6%. Weekend tit-for-tat strikes between the U.S. and Iran in the Strait of Hormuz have reignited ceasefire fears ahead of Tuesday’s Doha talks. The BIS warned that record debt, AI overinvestment and financial fragilities are building systemic risks.
Micron’s blowout AI-driven earnings sent the memory chipmaker surging 16% and briefly past Meta and Tesla by market cap, but Apple’s aggressive price hikes to absorb soaring component costs dragged the Magnificent Seven lower and left the S&P 500 flat. May core PCE held at 3.4% year-on-year — in line with expectations — while oil rebounded after an attack on a cargo ship in the Strait of Hormuz complicated the fragile US–Iran peace deal.
Wall Street’s rebound attempt fizzled as tech weakness dragged the Nasdaq lower, but Micron’s blowout after-hours guidance reignited AI confidence. Brent crude hit its lowest since the day before the Iran war began as Hormuz shipping normalised, sending Treasury yields sharply lower. ASX 200 futures point modestly higher ahead of May employment data.