Finance

Tech shares faced downward momentum as semiconductor benchmarks pulled back due to profit-taking and high investor expectations. Applied Materials saw its shares drop over 5% despite beating quarterly expectations on the top and bottom lines. Other major chip manufacturers like Broadcom and Intel also suffered notable losses during the session.

Digital assets experienced downward pressure, with Bitcoin trading below $63,000 and major altcoins like Ethereum and Solana logging declines. Market sentiment was dampened after the Securities and Exchange Commission abruptly canceled a highly anticipated open meeting intended to vote on tokenization and crypto-startup fundraising rules. Regulatory uncertainty was compounded by the U.S. Senate entering its summer recess without advancing key crypto legislation.

The Office of the Comptroller of the Currency granted conditional approval for World Liberty Trust Co. to operate as a federally chartered trust bank. The decision allows the cryptocurrency venture, backed by the family of President Donald Trump, to manage its USD1 stablecoin under federal oversight. The move has drawn criticism from consumer groups and political opponents citing potential conflicts of interest.