Finance

Technology stocks, particularly chipmakers, have led a broad market selloff following a record one-day drop for SK Hynix. This volatility has spread to U.S.-listed semiconductor firms like Micron and Nvidia, weighing heavily on the Nasdaq Composite and raising questions about the sustainability of current AI-related valuations ahead of key sector earnings.

Major American banks including JPMorgan Chase, Goldman Sachs, and Bank of America are scheduled to report second-quarter results today. While analysts project significant revenue and profit growth for leading institutions, there are concerns that high expectations and rising deposit costs could challenge forward guidance and future lending margins.

Newly appointed Fed Chair Kevin Warsh is set to deliver his first semiannual testimony before Congress, an event closely watched by markets for clues on monetary policy. Investors are particularly focused on his response to recent inflationary pressures and whether a potential interest rate hike as early as the July meeting remains on the table.