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AI chip player Broadcom gave a forecast late Wednesday for current-quarter AI revenue that fell below analysts’ forecasts. That spooked investors even though there wasn’t a particularly worrying explanation for it.
Then came an unexpectedly good jobs report for May. A healthier labor market could lead the Federal Reserve to keep interest rates elevated to combat inflation. Indeed, investors on Friday were pricing in an around 50% chance that the Fed could hike in October, up from a less than 20% chance a month ago. Higher rates wouldn’t be good for tech stocks that thrive when money flows freely through the economy.
Investors are also getting ready to put money into SpaceX ahead of its expected IPO next week. They are most likely to sell the so-called Magnificent Seven stocks, a group of big tech names, to rotate into SpaceX, Jefferies analysts said in a note.
Contractor Sterling Infrastructure and fiber provider Corning slid more than 10%.
Vertiv, which helps data centers manage power and cooling systems, skidded nearly 9% lower.
Neocloud companies including CoreWeave, Core Scientific and Nebius, which lease computing capacity to larger players, are deep in the red.
Independent power producers such as Constellation Energy and Talen are also down.
1502 ET – Crude futures settle lower with market expectations of a resolution to the U.S.-Iran conflict outweighing concerns of a renewed flare-up. “The oil market has definitely gotten the sense that President Trump wants this thing over,” says John Kilduff of Again Capital. Fears are increasing that the U.S. will “agree to anything to get it over with for a while so these prices can really come back down,” he adds. The trickle of tankers making it through the Strait of Hormuz isn’t resolving the problem and the market has been relying on storage, but stocks are running down as the strait remains effectively closed, Kilduff says. “The cliff in my opinion is in the beginning of July. That’s when the real crunch should dawn.” WTI ends down 2.7% at $90.54 a barrel and Brent falls 2% to $93.09. (anthony.harrup@wsj.com)
Crude Futures Slip Ahead of the Weekend
0929 ET – Oil futures are lower heading into the weekend as the market holds out hopes for U.S.-Iran negotiations to eventually bring about an agreement to reopen the Strait of Hormuz. The market appears more sensitive to occasional bearish war headlines or optimistic comments from President Trump than to the daily loss of supply, Ritterbusch & Associates says in a note. “Holding a long position that would be more appropriate to global oil fundamentals has been extremely difficult throughout the course of this war.” WTI is down 0.9% at $92.23 and Brent is off 0.6% at $94.49(anthony.harrup@wsj.com)
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Business
The Move Into Gold by Other Nations Has Happened Before. It’s Bad News for the U.S. Dollar.
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