US Stocks Fall as Samsung Hits Global Chipmakers: Markets Wrap

(Bloomberg) — Stocks fell as volatility hit chipmakers anew after blowout earnings from Samsung Electronics Co. left investors wanting even more. Bonds slipped as Brent crude rose by the most in more than a week.

S&P 500 contracts dipped 0.2%. Samsung, the world’s biggest memory maker by market value, tumbled 8.3% in Seoul. Its quarterly numbers failed to wow traders even after profit surged 19-fold. Nasdaq 100 futures fell 0.8%, with SpaceX joining the index Tuesday. The Stoxx 600 rose 0.2% as 17 of its 20 sectors advanced.

The swings in semiconductors are the latest episode of the global AI boom’s biggest beneficiaries facing scrutiny after an unprecedented rally left traders questioning valuations and whether hundreds of billions of dollars in spending can continue. The volatility is also driving investors to left-behind sectors within tech and across the broader market.

“The market reaction to Samsung shows that investors have now got into a beat-and-raise mindset,” said Joachim Klement, head of strategy at Panmure Liberum. “Another factor that might weigh on tech stocks today is the inclusion of SpaceX in the Nasdaq indices as index funds will sell some tech stocks to make room.”

Brent crude rose 1% to $72.70 a barrel following attacks on shipping in and around the Strait of Hormuz, highlighting continued risks to vessels in the critical waterway. Bonds weakened across the world as money markets added to bets on tighter monetary policy, pushing the yield on 10-year Treasuries up three basis points to 4.50%.

The yen was a touch stronger around 161.91 per dollar even as positioning data showed hedge funds turned the most negative on the Japanese currency since 2007. Gold slipped for a second day to around $4,137 an ounce, while a gauge of the dollar wavered.

Corporate News:

HSBC Holdings Plc is halting lending to riskier private credit funds, after high-profile corporate bankruptcies exposed shaky underwriting standards in industry, the Financial Times reported. Shell Plc said it delivered another strong oil and gas trading result in the second quarter as it benefited from the market turmoil caused by the Iran war.

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.2% as of 9:22 a.m. London time S&P 500 futures fell 0.2% Nasdaq 100 futures fell 0.8% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index fell 1.5% The MSCI Emerging Markets Index fell 1.8% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1431 The Japanese yen rose 0.1% to 161.87 per dollar The offshore yuan was little changed at 6.7989 per dollar The British pound was little changed at $1.3387 Cryptocurrencies

Bitcoin fell 1.1% to $63,100.94 Ether fell 1.1% to $1,772.88 Bonds

The yield on 10-year Treasuries advanced three basis points to 4.50% Germany’s 10-year yield advanced two basis points to 2.97% Britain’s 10-year yield advanced two basis points to 4.81% Commodities

Brent crude rose 1.1% to $72.77 a barrel Spot gold fell 0.7% to $4,134.62 an ounce This story was produced with the assistance of Bloomberg Automation.

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