Market UpdatesJun 08, 20262 Min
Global Market Wrap: AI Stocks Slide In Asia, SpaceX IPO Oversubscribed, while Oil Extends Gains
We are back with quick updates on global stock markets and major developments across some of the top companies worldwide.
Asian stocks extended their sell-off on Monday, as investors kept a close watch on global AI-linked rallies. It all got intense following a bruising week for the U.S. tech-heavy Nasdaq, which declined more than 4.5% last week.
Japan's Nikkei 225 slipped 4% to 63,780 and South Korea’s KOSPI plunged as much as 9% to 7,484. Meanwhile, Hong Kong's Hang Seng lost 1.3% to 24,635 and Straits Times slid 1.8% to 4,958. Shanghai Composite was down 1.7% to 3,959. In Australia, S&P/ASX 200 closed in red 0.7% to 8,625.
Wall Street took a heavy blow on Friday after a stronger-than-expected May jobs report, concerns on interest rate hikes, and potential impact of higher financing costs on companies heavily investing in AI. Nasdaq lost 4.2% to close at 25,709, its biggest single-day drop since April 2025. The S&P 500 dropped 2.6% to 7,383, its worst day since October 2025. While Dow shed 0.3%, to settle at 50,866.
Gold prices continued to drop after strong jobs data reinforced expectations that the Federal Reserve will keep rates elevated. Spot gold was down 0.3% to $4,315 per ounce. U.S. gold futures for August delivery were down 0.7% at $4,332.
Oil prices jumped sharply on Monday after Iran launched multiple rounds of missiles toward Israel. Brent crude futures surged 4.8% to $97.65 per barrel, while U.S. WTI futures gained 4.4% to $94.60 a barrel.
Meanwhile, OPEC+ agreed to increase oil output targets by 188,000 barrels per day from July. It is the fourth quota hike approved since the closure of the Strait of Hormuz.
Here are the other top stories of the day:
SpaceX IPO Already Two Times Oversubscribed
Elon Musk’s SpaceX has drawn investor demand of around $150 billion for its IPO — roughly double the $75 billion it is seeking to raise — according to people familiar with the matter.
The SpaceX IPO pricing is expected on June 11 and it will begin trading on the Nasdaq the following day.
Nvidia Partners with LG on Humanoid Robots and Data Centers
Nvidia CEO Jensen Huang said on Monday that the company is partnering with LG Group on humanoid robots and data centres.
Speaking to reporters after meeting LG Group Chairman Koo Kwang-mo in Seoul, Huang said: “We are working with them in motor technology as well as mechanical systems so that we can bring together humanoid robotics and the future of robotics.”
SK Hynix Signs Multi-Year Tech Deal with Nvidia for AI Factories
South Korean chipmaker SK Hynix announced a multi-year technology partnership with Nvidia to advance next-generation memory for global AI factories and accelerate semiconductor design and manufacturing.
The deal will see the two companies co-develop memory for Nvidia’s upcoming Vera Rubin AI supercomputers, Vera CPUs, RTX Spark PCs, and Jetson Thor robotic computing platforms.
Canada Surges Back with 88,000 Jobs in May
Canada’s labour market staged a dramatic comeback in May, adding 88,000 jobs, far exceeding the analyst consensus of just 10,000.
Meanwhile, the Bank of Canada is widely expected to keep its key rate steady at 2.25% when it meets on Wednesday.
Hong Kong’s IPO Boom Has a Performance Problem
Hong Kong may be the world’s top IPO market by funds raised, but it is grappling with a growing trend of weak stock performance after listing.
The Hong Kong exchange ranked first globally in IPO fundraising last year, ahead of the New York Stock Exchange and Nasdaq, but out of 179 listings since January 2025, about 50% have traded lower in the last six months.
