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U.S. stocks slipped ahead of the Fed decision as chip shares dragged the Nasdaq-100 into correction territory, highlighting growing market pressure from the AI/semi trade.

Market leadership is shifting, with investors rotating into new stocks and away from previous winners.
Adobe’s AI-driven monetization is drawing attention, and traders are looking for ways to play the upside while limiting risk.
Citigroup became more positive on Ford after the automaker delivered stronger-than-expected earnings.
Rate-cut or hold decisions from the Fed remain a major market catalyst, with strategists debating what comes next.
Big technology and AI trades are becoming crowded, and some market experts are warning investors to be cautious.
AI is spreading beyond tech into the wider economy, according to investment strategists.
Chinese chipmaker CXMT surged after a highly successful IPO, showing continued investor interest in semiconductor names.
Stocks fell ahead of the Fed decision, while oil rose because of heightened U.S.-Iran tensions.
Chip stocks and the broader Nasdaq weakened, with the Nasdaq-100 entering correction territory amid a semiconductor selloff.
Several earnings reports and corporate updates moved individual names, including Microsoft, SoFi, Seagate, KLA, Vertiv, Micron, and Parsons.

Hong Kong stocks closed sharply higher, with the Hang Seng Index up 497 points as Xiaomi and Li Auto surged and HSBC hit a record high, lifted by broad market buying and upbeat earnings beats from major names like Standard Chartered.

ASEAN has become a key destination for mainland Chinese companies seeking overseas growth, with Hong Kong serving as a platform to expand business opportunities.
Standard Chartered’s second-quarter results beat expectations, prompting multiple major banks to raise their target prices or maintain optimistic ratings.
Hong Kong stocks rose strongly overall, led by Xiaomi, Li Auto, and HSBC, while turnover remained active and several blue chips hit record highs.
The AI sector remains a major focus, with Alibaba launching a real-time voice-interactive AI agent and Moonshot reportedly completing a large new funding round at a much higher valuation.
The market is watching U.S. interest-rate policy closely, as Treasury yields edged up and Wall Street stayed cautious ahead of the Federal Reserve’s rate decision.
Australia’s core inflation came in below expectations, sharply reducing the chance of another rate hike by the Reserve Bank of Australia next month.
China’s domestic industrial and technology sectors continue to show strong momentum, including mass production of the first locally made OLED TDDI chip and rapid growth in industries such as AI, storage, and medical devices.
Tax and policy data suggest China’s economy is improving, with tax revenue surpassing RMB 10 trillion, more firms remaining active, and support for tech and manufacturing rising significantly.
Several major Chinese listed companies delivered positive corporate actions, including share incentives, management changes, buyback plans, and controlling-shareholder stake increases.
AI-driven infrastructure demand is reshaping related industries, boosting demand for components like MLCCs, charging networks, power systems, and solid-state transformers, while also accelerating expansion into AI data centers.

Tokyo stocks plunged sharply, with semiconductor shares leading broad selling and the Nikkei briefly hitting a two-month low as investors grew wary ahead of key central bank meetings and earthquake-related disruptions in Kyushu.

Japan is considering lowering the food consumption tax to 1% starting next April, with the prime minister set to call for internal coordination in the ruling party and a policy decision expected in early August.
The Tokyo stock market fell again, briefly hitting a two-month low as selling continued in semiconductor shares, and investor sentiment was also weighed down by the Kumamoto earthquake.
The yen in New York traded in the upper 163-yen range against the dollar, with dollar buying supported by position adjustments ahead of policy meetings by the U.S. Federal Reserve and the Bank of Japan.
New York stocks extended their gains, rising 537 points, as investors bought shares of companies with strong earnings.
NTT Docomo Group plans to launch a financial AI trial version by this fall, aiming to advise users on investment management and attract younger customers.
The Nikkei average dropped sharply in morning trading, falling 2,884 yen to 62,046 yen, with losses briefly exceeding 3,000 yen as semiconductor stocks continued to decline.
From its record high, the Tokyo market has fallen by about 10,000 yen, with U.S. stock weakness prompting selling of semiconductors and pushing the index below 63,000.
Japan’s minimum wage review held its sixth meeting, and an increase from the current 1,121 yen to the high 1,100-yen range is being considered.
Donald Trump claimed that the Federal Reserve is “political,” expressing concern about further rate hikes while saying the U.S. already has some of the world’s lowest interest rates.
Major disruptions from the Kumamoto earthquake continue to spread across industry: pear crops in Hikawa were nearly wiped out by fruit drop, semiconductor factories and auto plants were halted, Suntory stopped shipments from its Kumamoto plant, and the damage is estimated in the billions of yen overall.

Crypto markets were largely driven by anticipation of the Fed’s interest-rate decision, with Bitcoin holding above $64,000 ahead of the pivotal meeting.

Stablecoin issuer Brale says its new protocol could make it much easier to scale custom tokens by removing a key bottleneck.
Coinbase is facing pressure from a slowdown in spot trading, leading Wall Street analysts to lower their earnings expectations.
Crypto security remains a major concern, as this year’s $972 million in hacks highlights persistent weaknesses across the industry.
The Ethereum Foundation has added pcaversaccio to its board, signaling ongoing leadership changes within the organization.
A look back at Hong Kong shows how one hiking trip helped reshape crypto trading in a lasting way.
Roughly $80 million worth of ZEC moved into Zcash’s new Ironwood pool within its first day, showing early interest in the feature.
The debate over systemic risk from perpetual futures may be focusing on the wrong issue, according to the article’s argument.
BNY is aiming to use blockchain infrastructure to capture part of the $8.6 trillion transfer agency market.
Wednesday’s Fed meeting is seen as especially important for Bitcoin because interest-rate expectations could strongly affect crypto markets.
Bitcoin is holding above $64,000 as investors wait for the Federal Reserve’s rate decision and its broader impact on risk assets.

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