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Global stock markets tumbled on Friday as artificial intelligence stocks led a broad selloff, driven by concerns over valuations and the impact of the Iran war on energy costs. The Consumer Price Index fell to a 3.5% annual increase in June, marking the biggest monthly drop since 2020, but core inflation remains stubbornly above the Fed's target. Oil prices have surged more than 10% amid the Strait of Hormuz conflict.
The US Consumer Price Index fell to a 3.5% annual increase in June, the biggest single-month drop since 2020, offering some relief to American households. However, the escalation of conflict with Iran over the Strait of Hormuz threatens to reverse this progress by driving up energy prices. Fed Chairman Kevin Warsh, in his first congressional testimony, pledged to get inflation under control but did not specify whether he would support higher interest rates. The White House welcomed the inflation data even as officials acknowledged that energy costs could spike if the conflict disrupts oil shipments through the strategic waterway.
The Bureau of Labor Statistics reported that inflation eased to 3.5% in June, down from 4.2% in May, as gasoline prices declined sharply in response to negotiations between the US and Iran. Core inflation, which strips out volatile food and energy prices, clocked in at 2.6%. The reading marks the lowest inflation since March, though prices remain more than a percentage point above pre-war levels.
Oil prices rose 3% on Wednesday after the U.S. launched fresh strikes on Iran and reinstated a naval blockade of Iranian ports, renewing supply concerns through the Strait of Hormuz. Separately, China reported its slowest GDP growth since 2022 at 4.3%, fanning calls for stimulus. Meanwhile, ASML raised its 2026 sales forecast for the second time this year on surging AI chip demand, and SK Hynix shares jumped 8% as Asia tech stocks rallied.
Oil prices jumped more than 9% on Monday after President Trump reimposed a blockade on Iran in the Strait of Hormuz, threatening to reverse the recent easing of inflation. The Consumer Price Index had slowed to a 3.5% annual rate in June during a brief lull in fighting, bringing some relief to consumers. However, the renewed disruption to one of the world's most vital energy corridors — through which 20% of global oil supply passes — is expected to push energy costs higher, with analysts warning that gasoline prices could rise sharply in the coming weeks. The IMF projected world output growth would fall to 3% for the year, weighed down by high commodity prices.
South Korean memory chip giant SK Hynix made its Nasdaq debut on July 10, raising $26.5 billion in the largest IPO by a foreign company in U.S. history. Shares opened at $170, 14% above the offering price of $149, and finished the day up 13%. The listing follows SpaceX's record $85.7 billion float in June, making 2026 a landmark year for U.S. capital markets. SK Hynix controls over 50% of the high-bandwidth memory market, supplying every Nvidia H100, H200, and Blackwell GPU.
The International Monetary Fund projected world output growth would fall to 3% this year, driven down by high commodity prices and the escalating Iran conflict. The European Central Bank hiked interest rates for the first time since 2023 as energy costs surged, while U.S. job creation cooled sharply with payrolls growth of just 57,000 in June. Oil prices climbed further after the resumption of U.S.-Iran strikes threatened supply routes through the Strait of Hormuz.
The International Monetary Fund projected world output growth would fall to 3 percent for the year, driven by high commodity prices from the Iran war and persistent inflation. The US trade deficit widened in May as goods imports hit a record high. Oil prices climbed after new US strikes on Iran. The forecast reflects mounting economic pressure from the Middle East conflict alongside ongoing inflation challenges across developed economies.
South Korean chipmaker SK Hynix raised $26.5 billion in its US IPO on the Nasdaq, the largest-ever debut by a foreign firm, eclipsing Alibaba's 2014 record. The listing tests investor appetite for AI-related semiconductor stocks amid a global economic slowdown. Separately, the IMF projected world output growth would fall to 3% this year, pushed down by high commodity prices linked to the Iran war and persistent inflation.
Oil prices surged more than 6% on Wednesday after President Trump declared the US-Iran ceasefire 'over' and launched a second night of strikes on Iranian targets. Brent crude jumped $3.94 to $78.10 a barrel, while US stock futures slid more than 1%. The escalation threatens to reverse a months-long slide in oil prices that had returned them to pre-war levels. Global stock indexes fell as investors priced in renewed disruption to shipping through the Strait of Hormuz, a chokepoint for 20% of the world's oil supply. Analysts warned that passage through the strait could remain below 50% of pre-war levels for months, keeping energy prices elevated and adding to global inflationary pressures.