Global markets face volatility as rising energy costs and geopolitical instability dampen risk appetite, overshadowing tech-driven earnings optimism.
Amgen slumped over 10% after a rival drug trial failure for Novartis's cardiovascular drug pelacarsen raised competitive and sector-wide concerns. This made it the top percentage loser on the Dow and Nasdaq 100.
The stock fell over 10% following news that a rival's experimental cardiovascular drug failed a late-stage trial.
S&P 500 futures are under pressure as escalating Middle East hostilities drive oil prices above $100, fueling inflation concerns. While Barclays recently raised its year-end target to 7,950, current sentiment is dampened by the anticipation of upcoming U.S. inflation data.
Rising oil prices and geopolitical tensions in the Middle East are sapping risk appetite and fueling inflation fears.
The Euro Stoxx 50 is declining as the Middle East conflict pushes energy costs higher, exacerbating inflation worries. The index is further pressured by weak economic data, specifically a surprise drop in French industrial production.
Geopolitical instability and rising oil prices are dampening investor sentiment across the Eurozone.
Intel shares jumped over 9% as part of a strong rally in the chip and AI infrastructure sector. However, the stock showed some weakness in pre-market trading following the initial surge.
Intel experienced a significant jump of over 9% during the previous session as part of a tech-led rally.
Boston Scientific declined over 5% after the company warned that a major cyberattack in late August would likely prevent it from meeting its quarterly and full-year guidance targets.
The company warned that a major cyberattack would negatively impact its quarterly and full-year financial guidance.
The Nikkei 225 reversed early gains as rising oil prices and a strengthening yen weighed on sentiment. Despite strong business confidence data, the index faced pressure from weakness in financial and healthcare sectors.
The index turned lower due to the strengthening yen and negative sentiment spillover from rising global oil prices.
Seagate Technology surged more than 6% as investors flocked to AI infrastructure and chip-related stocks. The company's performance reflects the current market preference for tech hardware supporting AI growth.
The stock gained over 6% due to strong investor interest in AI infrastructure and chip-related equities.
Atlassian fell over 6% as part of a broader slide in software stocks. The decline reflects a cooling of sentiment toward the software sector amid inflationary pressures.
The stock fell over 6% as part of a wider sell-off in software stocks.
Thomson Reuters declined over 6% alongside other software stocks. The move highlights the current volatility and negative sentiment impacting the software industry.
The stock fell over 6% in sympathy with a broader decline in the software sector.
The Shanghai Composite edged higher as investors favored sectors benefiting from Middle East disruptions, such as defense, coal, and shipping. Gains were tempered by mixed inflation data showing rising factory-gate prices.
Defense, coal, and shipping-related stocks are seeing gains due to geopolitical disruptions.
Nvidia is benefiting from a broader positive sentiment surrounding chip and AI infrastructure stocks. The company remains a focal point for investors tracking the growth of AI-driven earnings.
It is part of a broader sector trend where chip and AI infrastructure stocks are seeing increased investor interest.
Apple is in focus as it hosts its annual iPhone event, where it is expected to unveil the iPhone 18 Pro, Pro Max, and the foldable iPhone Ultra. This event marks the first launch under new CEO John Ternus.
Apple is expected to launch new iPhone models and it is the first event led by new CEO John Ternus.
S&P 500 E-Mini futures declined as Brent crude topped $100 per barrel amid escalating U.S.-Iran hostilities. Investors are bracing for critical U.S. inflation data, while software stocks face pressure and chip manufacturers show mixed performance ahead of Apple's iPhone event.
Markets are reacting to rising oil prices caused by escalating Middle East tensions, which have increased inflation fears and reduced investor risk appetite.
Investors are focused on upcoming U.S. producer and consumer price index data, which will influence expectations for the Federal Reserve's next policy meeting.