SWFL.io - Local NewsELAINE KURTENBACH - AP Business Writer
•6/11/2026
U.S. futures advanced and oil prices gained more than $1 a barrel.
Tokyo's Nikkei lost 0.5% to 63,878.60, while the Kospi in South Korea was also down 0.2%, at 7,720.75.
Hong Kong's Hang Seng edged 0.2% higher, to 24,468.82, but the Shanghai Composite index fell 0.2% to 3,983.80.
In Australia, the S&P/ASX 200 likewise shed 0.2% to 8,632.50.
Taiwan's Taiex slipped 0.4%.
On Wednesday, Wall Street’s former superstars continue to face heavy scrutiny.
The S&P 500 dropped 1.6% for its first back-to-back drop in three weeks. Closing at 7,266.99, it's back to where it was in early May.
The Dow Jones Industrial Average tumbled 953 points, or 1.9%, to 49,918.78. The Nasdaq composite led the market lower with a 2% slide, to 25,169.50.
Wall Street has been shaky since last week, when AI stocks went from roaring to records to suddenly turn lower. Among the worries is that their prices may have shot too high, too fast because of AI mania. The question now is whether the break lower has cleared out excessive optimism that may have built into their stock prices, or if it’s the start of a longer downturn.
Super Micro Computer, which sells AI servers, tumbled 28% after saying late Tuesday that it plans to raise $7 billion in cash by selling shares of stock and convertible preferred stock. Such moves raise the most money for companies when their stock prices are high, and they can dilute the ownership stakes of existing shareholders.
Micron Technology swung from an early loss of nearly 4% to a modest gain and back to a loss of 4.7%. It’s coming off a wild stretch where it sank 7.7% last Thursday, then plunged another 13.3% Friday and rallied 9.9% Monday. Despite all the swings, the computer memory maker’s stock is still up 212.5% for the year so far.
Nvidia, the chip company that’s grown into a nearly $4.9 trillion behemoth because of the AI boom, was the heaviest weight on the S&P 500 after falling 3.7%. The second heaviest was another AI winner, Broadcom, which fell 5.1%.
Some of the pressure on AI stocks could also be coming from investors pulling cash out to prepare for high-profile debuts on the U.S. stock market for several AI giants. SpaceX’s initial public offering could come later this week, for example.
Weakening stocks for companies with big fuel bills also pulled the market lower. United Airlines sank 6.2%, and cruise-operator Carnival fell 6.3% after oil prices rose due to the latest fighting in the war with Iran.
The price for a barrel of Brent crude oil rose 1.8% to $93.10 on Wednesday after President Donald Trump warned Iran would “pay the price” for stalled negotiations between the two on their war. The war has been keeping the Strait of Hormuz effectively shut to oil tankers, which has prevented the delivery of crude from the Persian Gulf to customers worldwide.
High oil prices have sent inflation higher, and a report on Wednesday showed that prices for U.S. consumers jumped in May at the highest speed in three years.
Traders are betting the Federal Reserve will have to hike its main interest rate at least once this year, given price pressures and the strength of the U.S. job market.
High yields can slow entire economies and undercut prices for all kinds of investments, including stocks and cryptocurrencies. They hit investments seen as the most expensive in particular, and some critics are calling AI a bubble where investment inflated too far.
Early Thursday, Brent crude oil was up $1.34 at $94.44 per barrel. U.S. benchmark crude oil gained $1.50 to $91.53 per barrel.
The U.S. dollar slipped to 160.44 Japanese yen from 160.56 yen late Wednesday. The euro rose to $1.1555 from $1.1537.
AP Business Writers Stan Choe and Matt Ott contributed to this report.