New York WED

Wall Street indexes turned lower for the second session in a row on Wednesday amid escalating tensions in the Middle East. 

The S&P 500 index decreased 0.7%, and the tech-dominated Nasdaq Composite fell 1.2% amid worries that energy prices are likely to remain elevated because of the prolonged shutdown in the Strait of Hormuz.

The price of a barrel of West Texas Intermediate crude oil turned volatile and jumped as high as 1% before settling down 0.08% to $88.12. 

The U.S. launched air strikes in Iran following the "yesterday's downing of a U.S. Army Apache helicopter by Iranian forces," said the U.S. Central Command. 

So far, Iran has directly not claimed responsibility for shooting down the U.S. helicopter, but the escalating tensions in the Middle East have stoked fears that Iran could ramp up its attacks on the U.S. military bases in Kuwait, Jordan, the UAE, and Bahrain.

Semiconductor and memory stocks led decliners following Tuesday's market rout as investors question rapid price increases over the last ten weeks in artificial intelligence stocks.

Nvidia, Intel, AMD, Marvell Technology, Broadcom, SanDisk, Micron Technology, and Wolfspeed dropped between 2% and 6%. 

U.S. Movers 

Cracker Barrel jumped 9% to $39.49 after the Southern country-style restaurant chain operator reported financial results for its fiscal third quarter ending on May 1 and lifted its full-year outlook. 

Total revenue decreased 2.9% to $797.4 million from $821.2 million, net income in the quarter rose to $42.8 million from $12.6 million, and diluted earnings per share advanced to $1.90 from 56 cents a year ago. 

The latest quarter's net income includes a $47.4 million benefit related to a settlement agreement regarding interchange fee litigation. 

Comparable store restaurant sales decreased 2.6%, and comparable store retail sales declined 1.8% from a year ago, respectively. 

The company's Board of Directors declared a quarterly cash dividend of 25 cents payable on August 12 to shareholders on record on July 17. 

The company revised its fiscal 2026 total revenue estimate to a new range between $3.27 billion and $3.30 billion, up from the previous estimated range of $3.24 billion to $3.27 billion. 

The restaurant chain operator also revised higher its adjusted operating income range to between $120 million and $125 million from the previous guidance of between $85 million and $100 million. 

However, the company retained its full-year capital expenditure estimate between $105 million and $115 million.

Japan's PPI Accelerated to Three-Year High in May, Nikkei 225 Dropped 2%

Japan's indexes trimmed the previous session's gains amid rising tensions in the Middle East. 

The Nikkei 225 Stock Average dropped 2.5%, the broader TOPIX decreased 1.7%, and the yen weakened to 160.35 against the U.S. dollar. 

Market sentiment deteriorated after the U.S. launched "self-defense" strikes against Iran in response to the downing of an American helicopter. 

In addition, the weakness in semiconductor stocks in overnight trading on Wall Street contributed to the decline in Japanese equities. 

Japan's annual wholesale inflation soared to 6.3% in May, accelerating from an upwardly revised 5.3% in the previous month, according to the Bank of Japan. 

The measure of wholesale prices rose at the fastest pace since March 2023, reflecting persistent cost pressures stemming from higher energy prices linked to the war in Iran.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average dropped 2.5% to 63,772.01, and the broader TOPIX eased 1.7% to 3,828.86. 

Chipmakers and AI names led market averages lower and weighed on broader market averages. 

Kioxia Holdings decreased 4%, Taiyo Yuden declined 3%, SoftBank Group plunged 8%, and Fujikura fell 6.5%.

Japan's PPI Accelerated to Three-Year High in May, Nikkei 225 Dropped

Japan's indexes trimmed the previous session's gains amid rising tensions in the Middle East. 

The Nikkei 225 Stock Average dropped 2.5%, the broader TOPIX decreased 1.7%, and the yen weakened to 160.35 against the U.S. dollar. 

Market sentiment deteriorated after the U.S. launched "self-defense" strikes against Iran in response to the downing of an American helicopter. 

In addition, the weakness in semiconductor stocks in overnight trading on Wall Street contributed to the decline in Japanese equities. 

Japan's annual wholesale inflation soared to 6.3% in May, accelerating from an upwardly revised 5.3% in the previous month, according to the Bank of Japan. 

The measure of wholesale prices rose at the fastest pace since March 2023, reflecting persistent cost pressures stemming from higher energy prices linked to the war in Iran.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average dropped 2.5% to 63,772.01, and the broader TOPIX eased 1.7% to 3,828.86. 

Chipmakers and AI names led market averages lower and weighed on broader market averages. 

Kioxia Holdings decreased 4%, Taiyo Yuden declined 3%, SoftBank Group plunged 8%, and Fujikura fell 6.5%.

China's PPI Edged Higher and CPI Held Steady In May

China's benchmark indexes dropped, and investors reviewed the latest inflation updates. 

The Hang Seng Index decreased 1.1%, and the mainland-focused CSI 300 Index declined 1% amid worries of resurgent inflation linked to supply disruptions in the Strait of Hormuz. 

China's annual consumer price inflation held steady at 1.2% in May, while core inflation, which excludes volatile food and energy prices, eased to 1.1% according to the National Bureau of Statistics. 

On a monthly basis, consumer price inflation edged down 0.1%, reversing the 0.3% rise in April. 

China's annual producer price inflation accelerated to 3.9% in May from 2.8% in the previous month, the statistical agency said in a separate report. 

The wholesale price inflation rose for the third consecutive month and advanced at the fastest pace since July 2022, driven by higher energy prices and tighter supply conditions for energy products. 

For the first five months, the measure of inflation rose 1.0%, confirming challenging conditions for domestic demand.   

China Indexes and Stocks 

The Hang Seng Index decreased 1.1% to 24,292.95, and the mainland-focused CSI 300 Index dropped 1% to 4,754.80. 

Semiconductor- and AI-linked stocks led decliners in Wednesday's trading and extended their losses for the third session in a row. 

SMIC decreased 2.8%, Alibaba Group fell 2.6%, Tencent Holdings added 2.2%, and Lenovo Group plunged 9.9%.

PetroChina declined 5%, China Shenhua Energy fell 3.5%, and CATL decreased 2.6%. 

China's PPI Edged Higher and CPI Held Steady In

China's benchmark indexes dropped, and investors reviewed the latest inflation updates. 

The Hang Seng Index decreased 1.1%, and the mainland-focused CSI 300 Index declined 1% amid worries of resurgent inflation linked to supply disruptions in the Strait of Hormuz. 

China's annual consumer price inflation held steady at 1.2% in May, while core inflation, which excludes volatile food and energy prices, eased to 1.1% according to the National Bureau of Statistics. 

On a monthly basis, consumer price inflation edged down 0.1%, reversing the 0.3% rise in April. 

China's annual producer price inflation accelerated to 3.9% in May from 2.8% in the previous month, the statistical agency said in a separate report. 

The wholesale price inflation rose for the third consecutive month and advanced at the fastest pace since July 2022, driven by higher energy prices and tighter supply conditions for energy products. 

For the first five months, the measure of inflation rose 1.0%, confirming challenging conditions for domestic demand.   

China Indexes and Stocks 

The Hang Seng Index decreased 1.1% to 24,292.95, and the mainland-focused CSI 300 Index dropped 1% to 4,754.80. 

Semiconductor- and AI-linked stocks led decliners in Wednesday's trading and extended their losses for the third session in a row. 

SMIC decreased 2.8%, Alibaba Group fell 2.6%, Tencent Holdings added 2.2%, and Lenovo Group plunged 9.9%.

PetroChina declined 5%, China Shenhua Energy fell 3.5%, and CATL decreased 2.6%. 

Volatile Chip Stocks Extended 2-Day Rally, Crude Oil Hovered Below $90

Wall Street indexes extended the previous session's gains in Tuesday's trading, and crude oil prices traded volatile with a downward bias. 

The S&P 500 index increased 0.4%, and the tech-heavy Nasdaq Composite advanced 0.6% amid a global recovery in chip stocks. 

Nvidia, Marvell Technology, Intel, AMD, Broadcom, SanDisk, Micron Technology, and Taiwan Semiconductor jumped between 4% and 10% in Monday's trading, as investors overlooked rising bond yields. 

The Nasdaq Composite plunged 4%, and semiconductor stocks plunged as much as 12% in Friday's trading after the U.S. economy added more-than-expected net new jobs in May. 

The jobs report stoked fears that the Federal Reserve policy may be forced to keep interest rates higher for longer, slowing economic growth and increasing the cost of building artificial intelligence infrastructure.

Benchmark indexes in Japan, Hong Kong, and South Korea rebounded as much as 2% from the sharp selloff on Monday as investors adjusted to higher bond yields in the U.S. and Japan. 

West Texas crude oil prices decreased 2% to $89.41 a barrel amid reports that Israel and Iran have suspended their latest round of missile strikes, easing concerns that the ongoing conflict could prolong the reopening of the Strait of Hormuz. 

U.S. Movers 

Vail Resorts decreased 3.4% to $131.99 after the luxury ski resort operator lowered its annual adjusted operating earnings outlook. 

Vail Resorts lowered its annual estimate to between $739 million and $761 million compared to the previous estimate between $745 million and $775 million.

The company blamed challenging weather conditions for the reduced demand at its resorts in the western U.S. that persisted in the third quarter.

Revenue in the fiscal third quarter ending in April decreased to $1.20 billion from $1.3 billion, net income dropped to $340 million from $411.3 million, and diluted earnings per share fell to $8.81 from $10.46 a year ago. 

Designer Brands decreased 1.1% to $8.81 after the shoe retailer reported its financial results for the fiscal first quarter ending on May 2. 

Consolidated net sales increased 1.4% to $696.4 million from $686.9 million, net income attributable to shareholders swung to a profit of $1.2 million from a loss of $17.8 million, and diluted earnings per share were 2 cents compared to a loss of 37 cents a year ago. 

Total comparable sales decreased 1.1%, better than a 7.8% decrease in the period a year ago, as the retail store network continued to struggle in attracting customers. 

The retailer estimated full-year fiscal 2026 revenue to increase by plus or minus 1% and diluted earnings per share to range between 28 cents and 38 cents. 

Land's End advanced 5% and United Natural Foods decreased 7%, and both companies are scheduled to release their quarterly results later in the day. 

Volatile Chip Stocks Extended 2-Day Rally, Crude Oil Hovered Below $90

Wall Street indexes extended the previous session's gains in Tuesday's trading, and crude oil prices traded volatile with a downward bias. 

The S&P 500 index increased 0.4%, and the tech-heavy Nasdaq Composite advanced 0.6% amid a global recovery in chip stocks. 

Nvidia, Marvell Technology, Intel, AMD, Broadcom, SanDisk, Micron Technology, and Taiwan Semiconductor jumped between 4% and 10% in Monday's trading, as investors overlooked rising bond yields. 

The Nasdaq Composite plunged 4%, and semiconductor stocks plunged as much as 12% in Friday's trading after the U.S. economy added more-than-expected net new jobs in May. 

The jobs report stoked fears that the Federal Reserve policy may be forced to keep interest rates higher for longer, slowing economic growth and increasing the cost of building artificial intelligence infrastructure.

Benchmark indexes in Japan, Hong Kong, and South Korea rebounded as much as 2% from the sharp selloff on Monday as investors adjusted to higher bond yields in the U.S. and Japan. 

West Texas crude oil prices decreased 2% to $89.41 a barrel amid reports that Israel and Iran have suspended their latest round of missile strikes, easing concerns that the ongoing conflict could prolong the reopening of the Strait of Hormuz. 

U.S. Movers 

Vail Resorts decreased 3.4% to $131.99 after the luxury ski resort operator lowered its annual adjusted operating earnings outlook. 

Vail Resorts lowered its annual estimate to between $739 million and $761 million compared to the previous estimate between $745 million and $775 million.

The company blamed challenging weather conditions for the reduced demand at its resorts in the western U.S. that persisted in the third quarter.

Revenue in the fiscal third quarter ending in April decreased to $1.20 billion from $1.3 billion, net income dropped to $340 million from $411.3 million, and diluted earnings per share fell to $8.81 from $10.46 a year ago. 

Designer Brands decreased 1.1% to $8.81 after the shoe retailer reported its financial results for the fiscal first quarter ending on May 2. 

Consolidated net sales increased 1.4% to $696.4 million from $686.9 million, net income attributable to shareholders swung to a profit of $1.2 million from a loss of $17.8 million, and diluted earnings per share were 2 cents compared to a loss of 37 cents a year ago. 

The retailer estimated full-year fiscal 2026 revenue to increase by plus or minus 1% and diluted earnings per share to range between 28 cents and 38 cents. 

Land's End advanced 5% and United Natural Foods decreased 7%, and both companies are scheduled to release their quarterly results later in the day. 

Japan's Indexes Rebounded Following Global Recovery In Semiconductor Stocks

Japan's indexes rebounded on Tuesday and ended a three-day losing streak amid a rebound in technology and artificial intelligence stocks. 

The Nikkei 225 Stock Average soared 1.7%, the broader TOPIX gained 0.8%, and the yen traded at 160.14 against the U.S. dollar.

AI- and semiconductor-linked stocks recovered following overnight gains on Wall Street as investors returned to increase exposure to high-flying stocks. 

The yield on 10-year Japanese government bonds increased to 2.67%, as investors continued to support the case for a rate hike following the Bank of Japan's policy meeting later this month. 

Brent crude oil prices eased 1.3% to $93.22 a barrel after Iran and Israel halted the latest round of strikes against each other, easing concerns that a wider conflict could prolong the reopening of commercial shipments through the Strait of Hormuz.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average increased 1.7% to 65,123.87, and the broader TOPIX advanced 0.8% to 3,884.06. 

Kioxia Holdings increased 3%, Tokyo Electron advanced 9%, Advantest Corp. gained 4%, Murata Manufacturing 3%, and Taiyo Yuden surged 21%. 

Japan's Indexes Rebounded Following Global Recovery In Semiconductor Stocks

Japan's indexes rebounded on Tuesday and ended a three-day losing streak amid a rebound in technology and artificial intelligence stocks. 

The Nikkei 225 Stock Average soared 1.7%, the broader TOPIX gained 0.8%, and the yen traded at 160.14 against the U.S. dollar.

AI- and semiconductor-linked stocks recovered following overnight gains on Wall Street as investors returned to increase exposure to high-flying stocks. 

The yield on 10-year Japanese government bonds increased to 2.67%, as investors continued to support the case for a rate hike following the Bank of Japan's policy meeting later this month. 

Brent crude oil prices eased 1.3% to $93.22 a barrel after Iran and Israel halted the latest round of strikes against each other, easing concerns that a wider conflict could prolong the reopening of commercial shipments through the Strait of Hormuz.

Japan Indexes and Stocks 

The Nikkei 225 Stock Average increased 1.7% to 65,123.87, and the broader TOPIX advanced 0.8% to 3,884.06. 

Kioxia Holdings increased 3%, Tokyo Electron advanced 9%, Advantest Corp. gained 4%, Murata Manufacturing 3%, and Taiyo Yuden surged 21%. 

China's Exports Soared to Record High In May, Trade Surplus Widened

China's indexes traded mixed on Tuesday as investors reviewed the better-than-expected international trade data. 

The Hang Seng Index decreased 0.2%, and the mainland-focused CSI 300 Index edged higher 0.8% as China's exports growth accelerated in May despite tensions in the Middle East. 

China's International Trade Surplus Expanded In May

China's annual export growth accelerated to 19.4% to $376.8 billion, higher than 14% in the previous month, according to the General Administration of Customs. 

Businesses continued to build inventories amid price pressures and tight supply conditions, and direct shipments to the U.S. decreased 2.7% from a year ago. 

Exports to the ASEAN region, the largest market for Chinese products, increased 7.6% and to the EU 24.3%.

Shipments to the U.S. soared by 35%, as demand recovered from the low base of the last year because of the start of the sky-high U.S. tariffs. 

Value shipments of integrated circuits soared by 110.9%, while the volume increased by 2.1% compared to a year ago. Mechanical and electrical product shipments jumped 27.4% in value from a year ago. 

Exports for the first five months to May soared 15.5% to $1.71 trillion, as persistent demand for AI-related electronic products and semiconductors supported growth.

In the period, exports to the ASEAN region, the largest market for Chinese products, increased 20.3%; to the EU, 16.4%; to South Korea, 28.5%; to Japan, 7.1%; and to Hong Kong, 45.5%. 

By industry, steel shipments decreased 8.1%, integrated circuits by 8.7%, fertilizers by 19.1%, and pharmaceuticals by 7.6%.

China's imports advanced by 27.4% to $271.4 billion in May, accelerating from a 25.3% increase in the previous month, the customs agency report showed. 

Imports rose for the 12th consecutive month, boosted by solid domestic demand despite rising cost pressures from supply chain disruptions and elevated energy costs due to war in the Middle East.

Crude oil imports increased 15.3% and fell by 29% in volume amid tighter supply conditions in the Middle East, and soybean imports declined 15.3% to 11.8 million tons.

Over the five-month period to May, imports surged 24.5% to $1.3 trillion, supported by the rise in receipts from the ASEAN by 21%, the EU by 8.6%, South Korea by 56.5%, Japan by 27.8%, and Hong Kong by a whopping 173.2%. 

Purchases of semiconductors advanced 11.5%, integrated circuits by 52.1%, and copper ore by 36.7%, but natural gas declined by 10.1%. 

China's trade surplus widened to $105.4 billion in May from $102.7 billion in the same period a year ago, as both exports and imports surged, marking the largest monthly gap since January. 

China recorded a trade surplus of $84.8 billion in April, and shipments swelled by the rising demand for global AI infrastructure buildout and renewable energy products.

China's direct trade surplus with the U.S. advanced to $20.6 billion, and for the first five months of 2026, the overall trade surplus expanded to $451.7 billion, down from $472 billion the same period a year ago.

China Indexes and Stocks 

The Hang Seng Index decreased 0.2% to 24,608.47, and the mainland-focused CSI 300 Index edged up 0.8% to 24,608.47. 

Tech stocks rebounded from the previous session, tracking the global rebound in semiconductor and AI-related stocks. 

Eoptolink Technology increased 3.2%, Zhongji Innolight increased 2%, and NAURA Technology gained 3.6%.

PetroChina gained 2.2%, Sinopec Oilfield Services dropped 5%, and China Petroleum and Chemical decreased 0.6%.  

China's Exports Soared to Record High In May, Trade Surplus Widened

China's indexes traded mixed on Tuesday as investors reviewed the better-than-expected international trade data. 

The Hang Seng Index decreased 0.2%, and the mainland-focused CSI 300 Index edged higher 0.8% as China's exports growth accelerated in May despite tensions in the Middle East. 

China's International Trade Surplus Expanded In May

China's annual export growth accelerated to 19.4% to $376.8 billion, higher than 14% in the previous month, according to the General Administration of Customs. 

Businesses continued to build inventories amid price pressures and tight supply conditions, and direct shipments to the U.S. decreased 2.7% from a year ago. 

Exports to the ASEAN region, the largest market for Chinese products, increased 7.6%, to the EU 24.3%, and soared by 35% to the U.S. 

By industry, steel shipments decreased 8.1%, integrated circuits by 8.7%, fertilizers by 19.1%, and pharmaceuticals by 7.6%.

Exports for the first five months to May soared 15.5% to $1.71 trillion, as persistent demand for AI-related electronic products and semiconductors supported growth.

in the period, exports to the ASEAN region, the largest market for Chinese products, increased 20.3%, to the EU 16.4%, to South Korea 28.5%, to Japan 7.1%, and to Hong Kong 45.5%. 

China's imports advanced by 27.4% to $271.4 billion in May, accelerating from a 25.3% increase in the previous month, the customs agency report showed. 

Imports rose for the 12th consecutive month, boosted by solid domestic demand despite rising cost pressures from supply chain disruptions and elevated energy costs due to war in the Middle East.

Over the five-month period to May, imports surged 24.5% to $1.3 trillion, supported by the rise in receipts from the ASEAN by 21%, the EU by 8.6%, South Korea by 56.5%, Japan by 27.8%, and Hong Kong by a whopping 173.2%. 

Purchases of semiconductors advanced 11.5%, integrated circuits by 52.1%, and copper ore by 36.7%, but natural gas declined by 10.1%. 

China's trade surplus widened to $105.4 billion in May from $102.7 billion in the same period a year ago, as both exports and imports surged, marking the largest monthly gap since January. 

China recorded a trade surplus of $84.8 billion in April, and shipments swelled by the rising demand for global AI infrastructure buildout and renewable energy products.  

China's direct trade surplus with the U.S. advanced to $20.6 billion, and for the first five months of 2026, the overall trade surplus expanded to $451.7 billion, down from $472 billion the same period a year ago.

China Indexes and Stocks 

The Hang Seng Index decreased 0.2% to 24,608.47, and the mainland-focused CSI 300 Index edged up 0.8% to 24,608.47. 

Tech stocks rebounded from the previous session, tracking the global rebound in semiconductor and AI-related stocks. 

Eoptolink Technology increased 3.2%, Zhongji Innolight increased 2%, and NAURA Technology gained 3.6%.

PetroChina gained 2.2%, Sinopec Oilfield Services dropped 5%, and China Petroleum and Chemical decreased 0.6%.  

Semiconductor Stocks Remained Under Pressure After Friday's Route

Wall Street indexes attempted to rebound in early Monday's trading, following a sharp selloff on Friday, and volatile crude oil prices jumped amid renewed hostilities in the Middle East. 

The S&P 500 Index increased 0.3%, and the tech-heavy Nasdaq Composite advanced 0.6% as investors searched for bargains after a steep decline in AI names. 

Nvidia, Micron, Marvell Technology, SanDisk, and Broadcom plunged between 3% and 11% in Friday's trading after the U.S. nonfarm payrolls advanced at a faster-than-expected pace in May. 

The increase in May's payroll supported the case for higher-for-longer interest rates and stoked fears of a rate hike as early as the next policy meeting ending on Wednesday, June 17.

The U.S. economy added 172,000 net new jobs in May, the jobless rate held at 4.3%, and the annual wage growth eased to 3.4% from 3.6% in the previous month, according to the latest update released by the U.S. Bureau of Labor Statistics. on Friday. 

The change in total nonfarm payroll employment for March was revised up by 29,000, from 185,000 to 214,000, and the change for April was revised up by 64,000, from 115,000 to 179,000. 

With these revisions, employment in March and April combined is 93,000 higher than previously reported, the BLS report noted. 

The resilient job market confirmed that the elevated AI investment and upcoming sports events are supporting the employment growth in the leisure and entertainment and professional trades. 

However, the recent increases in job growth are likely to fade in the second half, and economists are still estimating nonfarm payrolls to expand by less than 1.7 million, below the long-term average of 2 million. 

Asian markets closed down following a global rout in tech stocks, and benchmark indexes in Japan dropped nearly 4%, in South Korea decreased 8.3%, and in India and Hong Kong eased 1%. 

Markets in Europe struggled to advance on Monday, after losing between 1% and 2%, as investors soured on AI names amid valuation worries following a rally over the last ten weeks. 

Crude oil prices rebounded in New York and London after Iran, Israel, and the U.S. exchanged fire in the Middle East. 

West Texas Intermediate crude oil prices advanced 1.5% to $91.88 a barrel, and the international Brent crude oil prices jumped 1.5% to $94.45 a barrel. 

Investors are increasingly focused on the commercial shipments through the Strait of Hormuz, as China and Japan struggle to refill the rapidly depleting crude oil inventories and Europe sources jet fuel from the U.S.-based refineries. 

Semiconductor Stocks Remained Under Pressure After Friday's Route

Wall Street indexes attempted to rebound in early Monday's trading, following a sharp selloff on Friday, and volatile crude oil prices jumped amid renewed hostilities in the Middle East. 

The S&P 500 Index increased 0.3%, and the tech-heavy Nasdaq Composite advanced 0.6% as investors searched for bargains after a steep decline in AI names. 

Nvidia, Micron, Marvell Technology, SanDisk, and Broadcom plunged between 3% and 11% in Friday's trading after the U.S. nonfarm payrolls advanced at a faster-than-expected pace in May. 

The increase in May's payroll supported the case for higher-for-longer interest rates and stoked fears of a rate hike as early as the next policy meeting ending on Wednesday, June 17.

The U.S. economy added 172,000 net new jobs in May, the jobless rate held at 4.3%, and the annual wage growth eased to 3.4% from 3.6% in the previous month, according to the latest update released by the U.S. Bureau of Labor Statistics. on Friday. 

The change in total nonfarm payroll employment for March was revised up by 29,000, from 185,000 to 214,000, and the change for April was revised up by 64,000, from 115,000 to 179,000. 

With these revisions, employment in March and April combined is 93,000 higher than previously reported, the BLS report noted. 

The resilient job market confirmed that the elevated AI investment and upcoming sports events are supporting the employment growth in the leisure and entertainment and professional trades. 

However, the recent increases in job growth are likely to fade in the second half, and economists are still estimating nonfarm payrolls to expand by less than 1.7 million, below the long-term average of 2 million. 

Asian markets closed down following a global rout in tech stocks, and benchmark indexes in Japan dropped nearly 4%, in South Korea decreased 8.3%, and in India and Hong Kong eased 1%. 

Markets in Europe struggled to advance on Monday, after losing between 1% and 2%, as investors soured on AI names amid valuation worries following a rally over the last ten weeks. 

Crude oil prices rebounded in New York and London after Iran, Israel, and the U.S. exchanged fire in the Middle East. 

West Texas Intermediate crude oil prices advanced 1.5% to $91.88 a barrel, and the international Brent crude oil prices jumped 1.5% to $94.45 a barrel. 

Investors are increasingly focused on the commercial shipments through the Strait of Hormuz, as China and Japan struggle to refill the rapidly depleting crude oil inventories and Europe sources jet fuel from the U.S.-based refineries.