On Tuesday, the US stock indices closed sharply lower due to a large‑scale sell‑off in the technology sector. By the end of the day, the Dow Jones Index (US30) fell by 1.44%. The S&P 500 Index (US500) declined by 1.44%. The Technology Index NASDAQ (US100) closed down by 3.29% amid growing investor skepticism regarding the profitability of massive investments by major hyperscale companies into artificial intelligence infrastructure. An additional trigger for the decline in chipmakers was the decision by South Korea’s SK Hynix to partially redirect capacity from advanced AI‑chip production toward standard DRAM memory, signaling a potential cooling of demand. Against this backdrop, shares of AI‑race leaders posted sharp losses: Nvidia dropped 4.2%, Broadcom 3.1%, AMD 5.8%, Qualcomm 8%, while Micron and Sandisk plunged 13.2% and 11.2%, respectively. The market capitalization of Tesla and Oracle also fell by 5.8%.

Pressure on the stock market was further intensified by the bond market, where US Treasury yields remained at multi‑month highs, depriving traditional sectors of room for recovery. This occurred despite the continued decline in energy prices, as investors continue to price in the Fed’s hawkish dot‑plot projections.
In June 2026, the preliminary US Services PMI (S&P Global US Services PMI) showed moderate improvement, rising to 51.3 from May’s 50.7. Although the figure slightly exceeded market expectations (51.0) and marked the fastest expansion in the sector since February, the detailed report indicates persistent structural problems. The short‑term boost in business activity was largely driven by the FIFA World Cup, while underlying consumer and investment demand remained subdued due to high prices and the Fed’s tight interest‑rate policy.

European indices mostly declined yesterday. By the end of the day, Germany’s DAX (DE40) fell by 0.98%, France’s CAC 40 (FR40) closed down by 0.71%, Spain’s IBEX 35 (ES35) dropped by 0.34%, and the UK’s FTSE 100 (UK100) ended the session lower by 0.09%.

Global crude oil prices hit a three‑month low: US WTI fell to $73.1 per barrel (with intraday lows at $72.48), while European benchmark Brent corrected toward $77. The main driver of the decline was the 60‑day general sanctions waiver issued by the US Treasury. This step legally opened access for global refineries and buyers to Iranian crude and petroleum products, effectively removing the geopolitical risk premium and pushing prices down 40% from the conflict‑driven peak. The further trajectory of prices will depend directly on institutional factors. Given the Fed’s tight monetary stance under Kevin Warsh and weak global energy demand, full stabilization is possible only after the final signing of the agreement in Geneva, de‑escalation in Lebanon between Israel and Hezbollah, and complete de‑mining of the Strait of Hormuz, which has now restored shipping to 85% of pre‑crisis levels.

On Tuesday, Japan’s Nikkei 225 (JP225) fell by 3.55%, China’s FTSE China A50 closed down by 2.74%, Hong Kong’s Hang Seng (HK50) declined by 1.82%, and Australia’s ASX 200 (AU200) closed lower by 0.33%.

The Australian dollar stabilized around 0.691, holding near its lowest levels in eleven weeks. The newly released macroeconomic inflation report for May left investors with mixed impressions. On one hand, the annual headline inflation rate slowed more than expected – from 4.2% to 4.0% – hitting a three‑month low thanks to a significant drop in retail gasoline prices. On the other hand, core price pressure proved extremely persistent: the volatility‑adjusted Trimmed Mean CPI – the indicator used by the regulator – rose by 0.4% for the month and pushed annual core inflation higher, from 3.4% to 3.6%.