QtrendsWall Street extends its tech-led selloff as chip stocks resume their decline and Netflix slides on M&A fears. China tightens export controls on strategic minerals, detaining two Japanese nationals over alleged rare-earth violations. US markets end mixed with the Nasdaq and S&P 500 lower amid persistent tech weakness. President Trump accuses oil companies of price gouging as gas prices remain elevated, shifting his rhetoric closer to Biden-era positions. The Trump administration touts a new Iran deal that frees frozen oil funds, with the Treasury overseeing the release.
Micron's earnings surpassed Wall Street estimates, sending the stock sharply higher and lifting the broader semiconductor sector. Cerebras Systems, KB Home, and Expedia also moved significantly in midday trading. A new partnership with Tesla drove a solar stock surge, while Netflix continued to slide as M&A speculation weighed on investor sentiment.
China has strengthened export controls on strategic minerals and dual-use items, signaling a continued tightening of its critical materials supply chain. Japanese officials reported that two of their nationals were detained in China over alleged violations of rare-earth export control regulations. Meanwhile, Japan's top-grade A5 wagyu now accounts for over 75% of its domestic market, driving a surge in premium beef exports.
The Nasdaq closed lower as the chip sell-off resumed, with Micron extending its losses after an initial post-earnings surge faded. The S&P 500 also ended in the red, dragged down by continued weakness in large-cap technology stocks. The AP reported that US stocks finished mixed overall, with losses in tech giants offsetting gains elsewhere.
President Trump accused oil companies of price gouging at the pump, adopting a message that CNN noted echoes Biden-era criticisms of the industry. Despite his administration's push for increased domestic drilling, gas prices have not fallen as quickly as voters expect. MarketWatch analyzed when drivers might see real relief at the pump, suggesting further declines depend on global supply dynamics.
Treasury Secretary Bessent announced that the U.S. Treasury will oversee frozen Iranian funds when they are released under a new deal. The Trump administration framed the agreement as a boon for American farmers, though Iran has denied the terms reported by US media. Nikkei Asia reported that Iran is racing to move an estimated $8.5 billion in oil assets as sanctions are eased.