Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 24, 2026.
Brendan McDermid | Reuters
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.
Two major market forces are dominating Friday’s session, bringing a see-saw week to a close across asset classes.
Technology remains the epicenter of volatility, with Wall Street once again sparking a selling frenzy across Asia.
But oil is also on the move, driving further into pre-Iran crisis levels despite a fresh attack in the Strait of Hormuz.
What you need to know today
Sell-off number one:
The global tech sell-off is deepening, with the moves in Asia particularly severe. South Korea’s Kospi sank over 8%, triggering the exchange to halt trading for around 20 minutes. Japan’s Nikkei also suffered steep declines. Softbank and SK Hynix are both under heavy selling pressure amid mounting concerns over the rising cost of artificial intelligence infrastructure.
This follows another tough day on Wall Street, where Apple lost 6% after announcing price hikes on its iPads and MacBooks, pointing to rising demand for memory and storage. Microsoft dropped more than 3% after announcing higher prices on its Xbox gaming consoles, citing surging component costs. Fellow tech giants Alphabet and Meta Platforms also closed the session lower.
In early trade, U.S. futures are pointing to another open in the red.
Sell-off number two:
Crude prices on both benchmarks are extending declines. This, despite the first vessel attack in the Strait of Hormuz since the framework of a peace agreement between the U.S. and Iran was reached last week.
A U.S. official told MS NOW that Iran was behind an attack on a cargo ship near the coast of Oman in the Strait of Hormuz. The ship was sailing under a Singapore flag, according to the Wall Street Journal. The United Kingdom Maritime Trade Operations said the ship reported no casualties and no environmental damage.
Meanwhile, OPEC faces the possibility of another exit by its second-largest producer, after the United Arab Emirates left the cartel in May. Iraq has reportedly sought a higher production quota from the cartel and told the group it could leave if demands are not met.
And finally…
Microsoft lifts price of Xbox consoles due to soaring component costs
Hours after Apple announced price increases for MacBooks and iPads, Microsoft said consumers can also expect to pay more for Xbox game consoles, reflecting rising component costs.
Starting Aug. 1, Xbox Series S consoles containing 512GB of storage will go up by $100 to about $500, Microsoft said Thursday, while models with 1TB will increase by $150 more. The entry-level Xbox Series X will now start at about $750.
“Last October, we increased XBOX console price by $20-$70 in the U.S.,” the company said in a blog post. “We hoped another price increase would not be necessary, and we have spent the last several months working with suppliers on options.”
— Jordan Novet
