Driver: A global chip selloff. Korea’s KOSPI crashed ~10% (circuit breakers tripped twice), spread to Europe, then hit the US.
What fell: Chips: Micron ~-11% (reports tonight), TSMC ~-5%, Nvidia ~-3%; SMH chip ETF ~-6.5%.
What held: Concentrated, not broad — ~60% of the S&P rose. Defensives gained: IBM ~+5% (JPMorgan upgrade), plus Walmart, P&G, J&J.
Rates: A BofA note flagging up to 3 Fed hikes drove the 2-year yield to its highest since Feb 2025; 10-year near 4.50%.
Commodities: WTI eased to ~$73 after the US issued a 60-day Iranian oil licence.
Corporate: FedEx beat ($6.31 EPS, $25.0B rev) but fell ~6% on soft guidance. Oracle cut ~21,000 jobs (~13% of staff), citing AI.
Tonight: Micron reports after the close (around 3 AM IST) (edited)