On Friday, major U.S. stock indexes closed lower, with the S&P 500 down 0.05%, the Dow Jones Industrial Average down 0.09%, and the Nasdaq 100 falling 1.09%. This decline follows a significant drop in the South Korean Kospi Index, which fell over 5% due to sell-offs in chipmakers Samsung Electronics and SK Hynix, contributing to global market weakness. Notably, the Nasdaq 100 reached a two-week low.
September E-mini futures also saw declines, with S&P futures down 0.12% and Nasdaq futures down 1.19%. Additionally, a report indicated that OpenAI may delay its IPO until 2027, further pressuring stocks. WTI crude oil fell more than 3%, reaching a four-month low, while U.S. May wholesale inventories rose 0.3%, below expectations of 0.4%.
The University of Michigan’s June consumer sentiment index was revised upward to 49.5, but still below the expected 50.0. Minneapolis Fed President Neel Kashkari expressed concerns about inflation, hinting at a potential interest rate hike. The markets now see a 30% chance of a 25 basis point rate hike at the upcoming FOMC meeting on July 28-29.
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