Tech Volatility Pulls Global Stocks Lower Again: Markets Wrap

(Bloomberg) — Technology stocks dragged global indexes lower following renewed selling in chipmakers, while a report that OpenAI could postpone plans to go public also weighed on sentiment.

Nasdaq 100 futures slid 1.1%, while those on the S&P 500 fell 0.4%. Semiconductor names, including Micron Technology Inc., and optical stocks were broadly lower in US premarket trading. A selloff in Samsung Electronics Co. and SK Hynix Inc. triggered a second trading suspension in Seoul within days. Oil resumed its slide, failing to lift stocks but offering a fillip to bonds.

Markets are capping a volatile week in which shifting sentiment around the once-relentless tech trade whipsawed stocks, with traders parsing everything from spending plans to corporate earnings. Investors pulled money from US equities for the first time in three months, with record withdrawals from tech.

Friday’s bout of weakness came as price increases in products from Apple Inc. and Microsoft Corp. triggered fears about the staying power of chip demand. A New York Times report that OpenAI could delay its initial public offering until 2027 also brought into focus how volatility could affect the sector.

“Technology remains a crowded trade, positioning is relatively tight, and that makes the sector more sensitive to negative news flow or sharp moves in individual names,” said Francisco Simon, European head of strategy at Santander Asset Management.

In Japan, OpenAI backer SoftBank Group Corp. tumbled following the New York Times report, sending the Nikkei 225 down 4.2%. The tech sector led declines in Europe as well, with the Stoxx 600 on course for its worst performance since the middle of May.

Investors say the roller-coaster week shows that while the case for the AI-trade is still strong, the days of everything going up in a straight line appear to be over. While there hasn’t been panic selling, the cracks are real, and extreme investor positioning means the easy days could be a thing of the past.

The most sensible strategy “is to maintain well-diversified portfolios across geographies, styles, sizes, companies, and sectors,” said David Manso, chief investment officer at CaixaBank AM. “In a couple of weeks, the earnings season will kick off, and leading indicators are pointing in the right direction. We expect corporate results to become a positive catalyst.”

Brent crude, meanwhile, fell 3.3% to trade below $73 a barrel as traffic continued to flow through the Strait of Hormuz, despite Thursday’s attack on a container vessel. Treasury yields eased, with the two-year rate down three basis points to 4.09%.

Bonds edged higher across Europe as traders no longer fully priced in one more quarter-point interest-rate hike by the European Central Bank in 2026.

The dollar mostly held on to gains that have set it on course for one of its best months in a year. Strategists at major banks have expressed renewed faith in the greenback after Federal Reserve Chairman Kevin Warsh vowed to restore price stability.

Corporate Highlights:

Volkswagen AG is looking to cut tens of thousands of additional jobs and may shutter factories in a push by Chief Executive Officer Oliver Blume to make Europe’s biggest automaker more competitive, Manager Magazin reported. SoftBank Group Corp.’s stock fell as much as 13% on concerns that OpenAI may hold off on an initial public offering until next year and delay returns for its Japanese backer. Microsoft Corp. announced a third substantial price increase for Xbox video-game consoles in an example of the component shortage crisis that has driven up the cost of consumer tech products. BHP Group’s incoming Chief Executive Officer Brandon Craig has announced changes to the company’s leadership team before he officially assumes the role on July 1. Samsung Electronics Co. and SK Hynix Inc. are preparing to announce hundreds of billions of dollars worth in new investments on Monday, according to South Korean media reports this week. Some of the main moves in markets:

Stocks

S&P 500 futures fell 0.4% as of 7:11 a.m. New York time Nasdaq 100 futures fell 1.1% Futures on the Dow Jones Industrial Average fell 0.1% The Stoxx Europe 600 fell 0.9% The MSCI World Index fell 0.2% Currencies

The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.3% to $1.1405 The British pound rose 0.2% to $1.3224 The Japanese yen was little changed at 161.64 per dollar Cryptocurrencies

Bitcoin was little changed at $59,400.49 Ether fell 0.5% to $1,550.54 Bonds

The yield on 10-year Treasuries declined two basis points to 4.38% Germany’s 10-year yield was little changed at 2.85% Britain’s 10-year yield was little changed at 4.70% Commodities

West Texas Intermediate crude fell 3.2% to $69.65 a barrel Spot gold rose 0.6% to $4,052.49 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Henry Ren.

©2026 Bloomberg L.P.