Finance

Technology stocks, particularly in the semiconductor space, experienced a significant sell-off as investors rotated into more defensive sectors like healthcare and financials. Large-cap chipmakers including Nvidia, Broadcom, and Intel saw notable declines, while memory-focused firms like Sandisk plunged as much as 14% amid concerns over high capital expenditures and a potential revaluation of the artificial intelligence trade.

Brent crude oil prices have retreated to the low $70s per barrel, a sharp decline from peaks near $120 earlier in the year caused by disruptions in the Strait of Hormuz. Although energy costs drove headline inflation to a high of 4.2% in May, the recent stabilization of oil and gasoline prices has led many analysts to believe that inflationary pressures may have peaked for the current cycle.

Bitcoin and Ethereum saw a recovery in early July, with Bitcoin climbing above the $61,000 mark after a difficult June performance. The rebound was fueled by weaker-than-expected labor data, which increased market optimism that the Federal Reserve might reconsider its hawkish stance, alongside reports of renewed institutional accumulation and significant ETF inflows.