Market UpdatesJun 26, 20262 Min
Asian markets dragged by rout in tech stocks; gold set for fourth weekly loss; Micron overtakes Meta, Tesla in valuation
We are back with quick updates on global stock markets, commodities and developments across major companies in the world.
Asian stocks mostly declined on Friday amid massive volatility in the tech sector that was triggered by Apple’s hefty price hike of its products.
Apple on Thursday raised prices on MacBooks and iPads citing soaring memory chip costs amid the AI‑data‑center boom, raising alarms on the downside of this tech frenzy.
South Korea’s benchmark Kospi led the selloff amid Asian indices, plunging over 5% to 8,411. Japan’s Nikkei 225 tumbled 4% on Thursday to 69,360
China’s Shanghai Composite index dropped 2.2% to 4,031. Hong Kong’s Hang Seng also declined 2.3% to 22,538.
Singapore’s Straits Times fell 1% to 5,165, while Australia’s S&P/ASX 200 was down 0.2% to 8,730.
US stock futures declined on Friday taking cues from the rout in stock prices of tech giants. S&P 500 futures were trading down 0.74%, Nasdaq 100 futures dropped 1.6%, while futures tied to the Dow fell 0.2%.
During the regular session on Thursday, tech-heavy Nasdaq 100 had slipped for fourth straight day, down 0.46%, the S&P 500 inched down 0.1%, while Dow Jones Industrial Average had risen 0.14%.
Oil prices fell again on Friday and are set for losses of close to 7% this week as supply concerns ease.
The US crude oil futures for July delivery were down 1.8% to $70.60 per barrel by 2308 ET. Brent futures, the international benchmark, for August delivery dropped 1.6% to $74.26 per barrel.
Gold prices, too, were set for their fourth straight weekly loss. On Friday, the yellow metal slipped after data showed that US inflation increased further in May, breaking above 4% for the first time in three years, fuelling rate hike fears.
Spot gold edged lower by 0.67% to $3,999.9 per ounce by 0308 GMT, while US gold futures for August delivery were trading 0.8% lower at $4,014 per ounce.
Here's a look at some major developments across global markets:
ON Semiconductor to buy Synaptics for $7 billion
US-based ON Semiconductor has agreed to buy Synaptics in a nearly $7 billion all-stock deal, its largest acquisition to date. The move aims to enhance ON’s market presence in artificial intelligence devices and “physical AI”.
Shares of ON Semiconductor fell about 6% after the bell, while shares of Synaptics rallied about 13%.
Micron overtakes Meta, Tesla in valuation
A sharp rally in Micron Technology stock on Thursday pushed its market valuation ahead of Meta and Tesla, though briefly, for the first time.
At one point in trade, Micron’s shares were up 18.4% at $1,236, giving it a market capitalization of $1.398 trillion, compared with Meta's $1.392 trillion. Tesla had a market value stood of around $1.4 trillion.
Apple shares plunge 6% after MacBook and iPad price hikes
Shares of Apple Inc. closed more than 6% lower on Thursday, the worst price decline in more than a year after the company announced price hikes on MacBooks and iPads.
According to latest changes, price of MacBook Neo entry has been increased to $699 from $599, MacBook Air 512GB to go up to $1299 from $1099, MacBook Pro 1T to cost $1999 from $1699, iPad Air 128GB to be priced at $749 from $599 and iPad Pro Wifi 256GB prices to rise to $1199 from $999.
US revises Q1 GDP data, show stronger growth
The US Commerce Department’s Bureau of Economic Analysis said on Thursday that the US economy grew faster than previously estimated in the first quarter.
In its third estimate of first-quarter GDP (gross domestic product), the department said growth was recorded at an upwardly revised 2.1% annualized rate last quarter. It was previously reported to have advanced at a 1.6% pace.
Home prices in Hong Kong grow for 12th straight month
Home prices in Hong Kong increased for a 12th consecutive month in May. This marks the longest winning streak since 2018.
According to figures released by the Rating and Valuation Department on Friday, the price index for private domestic homes in Hong Kong rose 1.4% in May from a month earlier and 12% from a year ago.
Lingyi iTech set for Hong Kong stock market debut
After raising HK$8.3 billion ($1.06 billion) through its IPO, Apple supplier Lingyi iTech Guangdong Co is set to list on stock market exchanges on Friday.
The company had priced its Hong Kong shares at HK$10.18 each on Thursday, the top end of its marketed range, paving the way for one of the largest listings this year on the Hong Kong stock exchange.
Australia-based meat supplier withdraws US IPO
Australia-based meat products supplier Kilcoy Global Foods has withdrawn its plans to flat a US IPO of roughly around $200 million.
The IPO was originally filed in June 2025 to capitalize on the fast-growing appetites of both US and Asian consumers for prepared protein-based food items.
