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World stocks tumble as semiconductors drop for a third straight day
Oil rose to more than a month highs after U.S. and Iran expanded strikes that disrupted flows through the Strait of Hormuz.
World equity markets fell on Friday as heavy losses in chip stocks extended for a third consecutive session, with investors cutting back on bets related to artificial intelligence spending. Reuters reported the Philadelphia semiconductor index ended down 1.6% and was about 20% below its most recent record close reached June 22, after dropping earlier in the period to around 23.5% below that level. In parallel, investors cited concerns around rich valuations and whether AI capital spending growth is sustainable, including a new release from China’s Moonshot that unveiled Kimi K3, described as a large open weight AI system.
Major U.S. indexes also declined. The Dow Jones Industrial Average fell 406.55 points, or 0.77%, to 52,146.42, while the S&P 500 dropped 76.08 points, or 1.01%, to 7,457.69, and the Nasdaq Composite fell 361.70 points, or 1.40%, to 25,520.24.
Outside the United States, MSCI’s gauge of global stocks fell 1.17% to 1,108.52, while the pan European STOXX 600 ended 0.34% lower. Energy markets outperformed, with U.S. crude settling up 4.48%, or $3.54, to $82.49 a barrel and Brent settling at $88.10 per barrel as U.S. and Iran escalated attacks tied to key infrastructure near the Strait of Hormuz, a route that Reuters said has again cut off global energy supplies.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%|S&P 500 7,533.77 ▼0.5%