U.S. stocks finished mixed, with the Nasdaq and S&P 500 closing lower and the Dow edging higher as pressure on tech shares persisted. Tech weakness erased more than $1 trillion from the Nasdaq over the week. Oil slid to its lowest level since the Iran conflict began, as more tankers transited the Strait of Hormuz and President Donald Trump said Iran was not charging tolls. Investors also focused on the possibility of a second Fed rate hike by December and Thursday’s PCE inflation report.

比特币跌破60000美元，24小时清算2.53亿美元多头；主因美国5月CPI超预期达4.2%及霍尔木兹海峡局势升级，导致市场大幅下调美联储降息预期（Polymarket定价零降息概率79%）。Strategy股价跌破100美元，创今年新低；其融资工具STRC已低于面值，现金储备年内缩水38%。文中明确提及Strategy、Oil、Nasdaq三只传统资产，且存在直接宏观传导链。

Markets priced in higher odds of another Federal Reserve rate hike in December, with CME FedWatch showing the probability rising above 70%. Tech shares came under pressure amid concerns over the durability of AI capital spending and chip-sector warnings, including Cerebras lowering its profit-margin outlook and Micron sliding 3.2% premarket. The Nasdaq fell 0.37% and the S&P 500 declined 0.12%. Oil slid to its lowest since the start of the Iran war, lifting airline stocks, but not enough to offset the drag from technology.

Economists expect the Personal Consumption Expenditures price index to show prices rose 4.1% in May, the highest level in three years, heightening worries the Federal Reserve could raise rates by year-end. Technology shares extended a third straight day of declines, with Nvidia, Micron and Microsoft all lower. Gold slid 3.8% to just below $4,000 an ounce, while the 10-year Treasury yield eased to 4.40% and the 2-year stayed elevated, reflecting tighter-policy expectations.

Markets are bracing for the Personal Consumption Expenditures Price Index, with economists expecting it to rise to 4.1%, well above the Federal Reserve’s 2% target. CME Group’s FedWatch tool shows traders have sharply raised the odds of a second rate hike by the Fed by the end of December. The shift has reinforced expectations for higher rates and kept pressure on richly valued technology stocks, leaving Nasdaq futures struggling to rebound while Dow futures turned lower. Micron’s after-hours earnings are expected to be strong, but analysts say the stock’s pattern of post-earnings declines may do little to ease broader valuation concerns in tech.

Australian shares rose slightly after May core inflation came in hotter than expected, reinforcing expectations that the RBA could tighten policy further. The S&P/ASX 200 added 0.2%, with technology stocks rebounding 5.2% even as U.S. semiconductor leaders such as Micron had fallen more than 13% in the prior session. In the U.S., S&P 500 moves were mixed as financials and healthcare gained while semiconductors lagged. Gold failed to draw support in the absence of a clear flight-to-safety bid or signs of a turning point in real yields.

Global equities fell on Tuesday after a broad selloff in technology and semiconductor shares sent the Nasdaq down 2.2%. Nvidia slid 4% and Tesla fell nearly 6% as investors took profits ahead of Micron’s earnings. Gold dropped 1.93% to $4,109.49 an ounce, pressured by higher U.S. yields and a stronger dollar. Brent crude stayed below $80 a barrel after a 60-day U.S. waiver of Iran sanctions eased supply concerns.

U.S. stocks ended lower on Tuesday, with the Nasdaq and the S&P 500 closing at one-week lows as semiconductor shares sold off. The Philadelphia SE Semiconductor index and the S&P 500 information technology sector both declined, while Nvidia, AMD, Intel and Marvell weakened. Investors questioned whether debt-funded AI capital spending is sustainable and grew more cautious about the Fed potentially hiking rates again in December, pushing volatility to a one-week high.

Global equities fell on Tuesday, with the Nasdaq down 1.6% and the S&P 500 off 1% as chip stocks slid 7%. Markets positioned for a more aggressive Federal Reserve response to inflation, pushing the 2-year U.S. Treasury yield to a 16-month high and leaving money markets close to fully pricing a rate hike by September. Oil held below $80 a barrel after a temporary waiver on Iran sanctions eased supply worries, while the yen hovered near 40-year lows and gold fell 1.5%.

Global technology stocks extended losses for a second session, with the Nasdaq falling more than 2% and the S&P 500 down 1.6%. Micron Technology tumbled more than 11%, while semiconductor shares in South Korea and Japan also sold off sharply. Investors have focused on surging AI-related compute costs and tighter memory-chip supply that has pushed prices higher, alongside hawkish signals from the U.S. Federal Reserve that have revived expectations for two rate hikes this year. A U.S. waiver of sanctions on Iranian oil and petrochemical exports has also stirred concerns about renewed energy-driven inflation, though it has not disrupted supply, according to ANI.