US tech stocks slid overnight (22nd). Alphabet Inc. (GOOGL.US) closed down about 5% after Google DeepMind data scientist and Nobel laureate John Jumper announced his departure to join Anthropic. Space Exploration Technologies Corp. (SPCX.US) lowered for a third straight day, plunging 16.4% for the full session after announcing the issuance of senior unsecured bonds and disclosing that it holds approximately USD100.8 billion in cash.

Futures for the three major US stock indices moved sharply lower. DJIA futures plunged 389 points or 0.7% to 51,730. S&P 500 futures and Nasdaq futures dropped 1.5% and 2.6%, respectively. US memory chip and optical module stocks collapsed in pre-market trading. Intel Corporation (INTC.US), Sandisk Corporation (SNDK.US), Marvell Technology, Inc. (MRVL.US) and Micron Technology, Inc. (MU.US) tumbled more than 7%. Seagate (STX.US) cascaded nearly 7%.

Corning Incorporated (GLW.US), Arm Holdings plc (ARM.US), Advanced Micro Devices, Inc. (AMD.US), Lumentum Holdings Inc. (LITE.US) and QUALCOMM Incorporated (QCOM.US) shrank more than 5%. AI chipmaker NVIDIA Corporation (NVDA.US) dived nearly 3% in pre-market trading. Space Exploration Technologies Corp. (SPCX.US) extended losses by 2.6% pre-market.

Expectations of further US rate hikes intensified. New York gold futures for August delivery sank 2.2% to USD4,112 per ounce. Silver futures for July delivery lost 5.4% to USD62 per ounce. Risk assets were under pressure, with Bitcoin last at USD62,560, down 2.4%, and Ethereum down 4.7% to USD1,663. New York oil futures and Brent oil futures dipped 0.6% and 0.9% to USD73.4 and USD77.3 per barrel, respectively.
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AASTOCKS Financial News
Website: www.aastocks.com

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