Skip NavigationMarketsBusinessInvestingTechPoliticsVideoWatchlistInvesting Club
PRO
LivestreamMenu
- Asia-Pacific stocks see red as the technology sell-off puts pressure on stocks including Softbank and Samsung.
- Nasdaq led Wall Street lower after a short-lived recovery for chip stocks.
- Tensions escalate across the Gulf as Iran targets its neighbors after a U.S. round of retaliatory strikes.
- Oil prices are volatile as U.S. President Donald Trump repeats his claim that a peace deal is “only days” away.
- China’s wholesale prices rise at the fastest pace in almost 4 years.
- Investors watch out for another hot inflation report from the U.S.
- SpaceX IPO explained.
A man walks near The Nasdaq logo on the company’s building on April 20, 2026, in New York City. Zamek | View Press | Corbis News | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.
Today is one of those days where a lot seemed to change between 4am and 6am London time.
The escalation in Iran was the strong lead story, given the renewed strikes across the Gulf and the U.S. retaliation for a downed helicopter. Oil is also on the move.
But then, with no clear trigger, technology stocks in Asia came back from a lunchtime trading break sharply in the red, with giants like Softbank and Samsung weighing on trade across the continent.
Tehran and technology are worlds apart, but investors have to stay across developments in both spaces to keep on top of these volatile market moves.
What you need to know today
Tech is back in the sights of the sellers after a short-lived resurgence for chip stocks. The Nasdaq led declines on Wall Street, closing down 0.97% to 25,679, while in Asia, South Korea’s Kospi is taking the brunt of the selling. The index is sharply lower on the session, with Samsung one of the biggest losers. Meanwhile, SoftBank has lost another 9% on the day, dragging Japan’s Nikkei 225 deeper into the red.
There is no obvious catalyst for the renewed selling bias, however investors will get another reference point in today’s trade with Oracle earnings, due to report after the bell on Wall Street. You can find out more on whether this represents a correction or buying opportunity here.
Another flare-up in tensions in Iran is exacerbating the negative sentiment. Tehran has targeted several Gulf nations, including Bahrain, Kuwait and Jordan with missile attacks. It follows fresh U.S. strikes against Iran following the downing of an Apache helicopter.
U.S. President Donald Trump has repeated his claim that a peace deal is only “days” away, adding the U.S. and Iran are in the final stages of negotiating.
It’s triggered a volatile session for oil, as U.S. Energy Secretary Chris Wright says oil traffic has risen “meaningfully” and will continue to expand in the Strait of Hormuz.
Despite this, price pressures are increasing across the globe. China’s wholesale prices rose at the fastest pace in nearly four years in May, driven by surging raw material costs due to the Iran war and an artificial intelligence investment boom, while consumer inflation came in below estimates.
In the U.S., inflation data due out later today is expected to show prices have crossed another threshold, with the consumer price index expected to top 4% for the first time since May 2023.
— Leonie Kidd
And finally…
SpaceX IPO explained: The price is set, but retail allocation still up in the air
Nothing about SpaceX‘s initial public offering is ordinary. The rocket maker is aiming to raise a record sum, by a wide margin, at a historic valuation, and will be controlled by Elon Musk, who’s also CEO of Tesla, another trillion-dollar company.
When it comes to the mechanics of the share sale, SpaceX is offering a take-it-or-leave-it price of $135, rather than providing a range and then pricing the deal based on demand, as is customary in IPOs.
But as the stock offering gets underway on Thursday, certain customs will be familiar to Wall Street. At some point, all of the IPO shares — roughly $75 billion worth — have to get allocated to the underwriters and asset managers so they can reach their clients before trading begins on Friday.
— Ari Levy, Leslie Picker
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.Read More
About The Author
