Traders work on the floor of the New York Stock Exchange (NYSE) on June 24, 2026 in New York City, USA.
Brendan McDiarmid | Reuters
Hello, my name is Leonie Kidd and I’m from London. Welcome to today’s Daily Open Newsletter.
Two major market forces dominate Friday’s trading, capping off a seesaw week across asset classes.
Technology remains the epicenter of volatility, with Wall Street once again triggering a selling frenzy across Asia.
But despite the new attacks in the Strait of Hormuz, oil is also on the move, rising even further to pre-Iran crisis levels.
What you need to know today
Sale number 1:
The global decline in high-tech stocks is becoming more serious, with developments in Asia being particularly severe. South Korea’s Kospi fell more than 8% and the exchange suspended trading for about 20 minutes. Japan’s Nikkei Stock Average also fell sharply. SoftBank and SK Hynix are both under heavy selling pressure as concerns grow over the rising costs of artificial intelligence infrastructure.
This followed another tough day on Wall Street, where Apple fell 6% after pointing to rising demand for memory and storage and announcing price hikes for iPads and MacBooks. Microsoft announced price hikes for its Xbox game consoles, citing soaring parts costs, causing prices to fall by more than 3%. Fellow tech giants Alphabet and Meta Platforms also closed lower.
In early trading, US futures are suggesting they will open in the red again.
Sale 2:
Crude oil prices for both indicators continue to decline. This was despite the first attack on a ship in the Strait of Hormuz since the framework for a peace deal was agreed between the US and Iran last week.
US officials told MS NOW that Iran was behind the attack on a cargo ship near the Omani coast in the Strait of Hormuz. The Wall Street Journal said the ship was flying the Singaporean flag. Britain’s Maritime and Trade Services Authority said there were no reports of casualties or environmental damage caused by the ship.
Meanwhile, OPEC faces the possibility of its second-largest producer leaving again after the United Arab Emirates left the cartel in May. Iraq has reportedly asked the cartel for increased production quotas and told the group it could leave if its demands are not met.
And finally…
Microsoft raises Xbox console prices due to rising component costs
Hours after Apple announced price hikes for MacBooks and iPads, Microsoft said consumers were also expected to pay more for Xbox game consoles, reflecting higher component costs.
Starting August 1, Xbox Series S consoles with 512GB of storage will increase in price from $100 to about $500, and 1TB models will increase in price by an additional $150, Microsoft announced Thursday. The entry-level Xbox Series X starts at around $750.
“Last October, we increased the price of Xbox consoles in the U.S. by $20 to $70,” the company said in a blog post. “We hope that no further price increases are necessary and have spent the past few months working with our suppliers to explore options.”
— Jordan Novett
