QtrendsTrump shifts blame to oil companies as gas prices remain high. Micron surges 15% on record earnings from the AI memory boom, driving S&P 500 futures higher. US tech stocks broadly sell off, dragging the Nasdaq lower. South Korea's equity markets tumble 10% amid an AI-driven rout and IPO woes. Chinese automakers accelerate in Europe, carving out a 10.6% market share.
President Trump has accused big oil companies of price-gouging American drivers, sounding a rare note of alignment with the Biden-era messaging on fuel costs. Despite some recent declines, gas prices remain politically uncomfortable ahead of the midterms. Market analysts say relief at the pump may be slow to arrive. The White House is eyeing regulatory and supply-side levers to accelerate the drop.
Micron Technology reported blockbuster earnings, with revenue quadrupling amid a severe memory-chip crunch driven by AI demand. The stock surged 15% in after-hours trading, lifting S&P 500 futures. Investors are now watching for the upcoming PCE inflation data to gauge the broader economic picture. The earnings highlight how deeply AI infrastructure spending is reshaping the semiconductor landscape.
Wall Street ended mixed on Tuesday, with the S&P 500 and Nasdaq closing lower as a broad selloff in Big Tech stocks intensified. Heavyweights including Apple, Microsoft, and Nvidia saw sharp declines. The Dow managed modest gains, buoyed by defensive and industrial names. The rotation out of mega-cap tech reflects growing caution ahead of the inflation report and Fed policy signals.
Global equity markets are reeling from a deepening selloff in AI-related stocks. South Korea's benchmark index crashed 10%, reflecting the country's heavy exposure to semiconductor and AI plays. In the US, Cerebras stock sank below its IPO price, dealing a blow to early investors. Analysts warn that the frothy AI rally may face a painful correction as valuations come under scrutiny.
Chinese car manufacturers are accelerating their European market share, hitting 10.6% across the five largest groups including SAIC, BYD, and Geely. The growth comes as Brussels deliberates tariffs to curb the influx. Beijing is promoting autos as a key consumption driver to support the domestic economy. Chinese brands are also increasingly recognized for quality improvements, shifting perceptions from budget to competitive alternatives.