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US stocks were pressured as a chip selloff triggered a Nasdaq rout, highlighting renewed weakness in the market’s tech leadership.

Friday market coverage highlights the main stories most likely to influence the next trading session.
Energy traders in Washington are watching oil prices closely, especially as talk of a potential Iran deal could shift supply expectations.
SpaceX is reportedly reducing the retail portion of its IPO allocation to the low 20% range, which suggests very strong demand.
Pimco is warning that defaults may spike, so investors are being advised to think carefully about portfolio positioning.
SpaceX’s growth from startup to a $1.8 trillion company has rewarded early investors who took the risk early on.
Insurance stocks, with one name standing out in particular, are showing technical signs that a breakout may be near.
Avalanche Treasury Co is set to begin trading on Nasdaq, reflecting the evolution of crypto proxy investing.
Josh Brown says a new AI trade is forming, and one featured “Best Stock” appears to be benefiting from it.
Elizabeth Warren is challenging the SpaceX IPO, while the company’s CEO argues the deal is not overvalued.
Other major themes include rising Social Security concerns, a deepening crypto crash, bond market strength, and weakness in chip stocks.

Hong Kong stocks opened higher as the Hang Seng Index jumped 252 points, led by Tencent’s nearly 2% gain and supported by share buybacks and stronger sentiment in tech and related sectors.

Global semiconductor equipment sales hit a record high of over US$36.5 billion in Q1, up 14% year on year.
Hong Kong Technology Exploration’s May GMV grew 27% month on month, reaching nearly HK$830 million, with traffic at a record level.
Tencent and Kuaishou both continued share buybacks, signaling management confidence and capital return efforts.
Alibaba is reported to be offering US$1.5 billion to acquire Pupu Supermarket.
WuXi AppTec has sued the U.S. Department of Defense over its military-related designation.
Hong Kong and mainland Chinese stock markets opened higher, led by technology and semiconductor names.
TSMC may raise foundry prices in the second half, with 3nm wafer pricing potentially increasing by 15%.
The World Bank lowered global growth expectations and expects China’s growth to slow to 4.2%.
Several companies launched IPO subscriptions, including Xingyuan Material and Hua Jian Future.
CATL gave a very strong long-term growth outlook, forecasting a 5x to 10x business expansion over 5 to 10 years.

Japan’s market was shaken by a sharp selloff as the Nikkei briefly plunged more than 1,800 points on rising Middle East tensions, driving a broad risk-off move.

Tokyo foreign exchange opened in the low 160-yen range. The move suggests that “buying the dollar in times of crisis” is easing as tensions in the Middle East soften.
The New York yen rose into the high 159-yen range. After the U.S. said it would halt attacks on Iran, investors sold the dollar, which is usually treated as a safe asset.
U.S. stocks rebounded sharply in New York. The Dow gained 929 points as markets welcomed President Trump’s decision to stop attacks on Iran, and the market recovered to the 50,000-yen-equivalent level.
The Tokyo yen weakened again into the mid-160-yen range. With no clear progress toward ending the fighting between the U.S. and Iran, investors resumed buying the dollar as a crisis hedge.
Japanese stocks briefly plunged by more than 1,800 points before recovering slightly. Selling came first on concerns that the Middle East situation could worsen, but bargain-hunting later supported a partial rebound.
European central banks may raise interest rates. They are responding to inflation pressures linked to the Middle East crisis, and the Bank of Japan may follow suit.
Kioxia outperformed while Fujikura was cut in half, even though both are AI-related stocks. The two companies diverged sharply, showing that “AI theme stocks” can still be judged very differently by investors.
Governor Ueda of the Bank of Japan was hospitalized. The government said there would be no problem, but he will miss the monetary policy meeting on the 15th and 16th.
The Tokyo market fell sharply at one point. It dropped by more than 1,800 points intraday, and the morning close was down 939.75 points from the previous day at 63,239.52.
Fuel surcharges are set to reach a record high. ANA and JAL will raise surcharges for July flights to Europe and the U.S., reflecting worsening Middle East conditions.

Crypto markets are being driven by rapid institutional tokenization moves, highlighted by Citi’s launch of a platform to tokenize private company shares and bring Wall Street assets onchain.

SpaceX is reported to have priced shares at $135, raising $75 billion in what is described as the largest IPO ever.
Coinbase has introduced AI agent accounts that can trade and spend money on users’ behalf.
Sygnum says banking infrastructure is evolving beyond the idea that stablecoins will dominate the winners’ narrative.
A U.S. House bill would create a crypto-theft task force spanning multiple law enforcement agencies.
SpaceX stock is expected to appear on Solana at the same time the company lists on Nasdaq.
A developer behind the Canton Network has raised $355 million to move Wall Street assets onto blockchain rails.
Tether participated in a $1.4 billion funding round for the German robotics company Neura.
CoinDesk 20 showed broad gains, with Uniswap (UNI) rising 4.5% alongside the rest of the index.
Citi has opened a new path into private markets through a tokenized share offering.
Several headlines highlight growing convergence between crypto, tokenization, AI, and traditional finance, especially around trading, private assets, and regulated market access.

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