Global Markets Decline on Tech, Jobs, Iran War

Stocks on Wall Street slipped as big technology companies like Nvidia and Broadcom lost ground, weighing down the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite. Bond yields surged following a strong jobs report from the United States — United States Department of Labor, which showed 172,000 jobs added in May, dimming expectations for United States — Federal Reserve interest rate cuts this year. The ongoing Iran war continued to cause high Petroleum prices, with Brent crude trading near $95 per barrel, up from $70 before the war, due to the effective closure of the Strait of Hormuz. This energy shock is threatening global economic growth and fueling inflation. While American and Iranian negotiators reached a tentative ceasefire extension, developments in Lebanon cast doubt on a permanent resolution. European markets saw slight gains, but Asian markets, including South Korea's KOSPI, Japan's Nikkei 225, Hong Kong's Hang Seng Index, and Taiwan's TAIEX, experienced significant declines, largely driven by technology shares like SK Hynix, Samsung Electronics, and Tokyo Electron.