TradingKey Daily Market Briefing: US Stock Selloff Deepens, S&P and Nasdaq Hit Near Eight-Month Lows

TradingKey - Impacted by the escalation of the U.S.-Iran conflict, oil prices have surged recently, and the sell-off in U.S. stocks has intensified. The Dow and Nasdaq 100 have entered correction territory, while the S&P 500 and Nasdaq closed at nearly eight-month lows.

In the commodities market, as of Monday's Asian trading session, WTI crude futures once broke above $103, while Brent crude futures topped $108. Spot gold closed at $4,440/oz and spot silver finished at $68.44/oz.

Regarding individual stocks, the "Magnificent Seven" (MG7) were under pressure last week: NVIDIA fell 2.17%, Tesla dropped 2.76%, Meta slumped 3.99%, Apple edged up 1.62%, Google declined 2.34%, Amazon fell 3.95%, and Microsoft slipped 2.51%.

Meta fell nearly 4%, continuing to lead the decline among tech giants with a weekly drop of over 10%. Following reports that Anthropic models posed security risks, cybersecurity stocks plummeted, with Tenable falling nearly 10% and related ETFs dropping 4.5%. The energy sector rose more than 6% for the week.

U.S. Treasuries fell for the fourth consecutive week, with the 10-year Treasury yield surging toward 4.49% intraday, hitting an eight-month high.

Market Headlines

Iran tightens control over the Strait of Hormuz as signs of a global energy transport landscape restructuring emerge. Iranian authorities stated that the Strait of Hormuz has been closed and three container ships were turned back, causing regional shipping risks to rise significantly. Meanwhile, Saudi Arabia is accelerating the operation of alternative routes, with its East-West pipeline bypassing Hormuz operating at a full capacity of 7 million barrels per day, while oil exports from Yanbu Port have reached record highs. Shipping data shows that only "four ships" transited the strait through the so-called "Iran Corridor" on Saturday, two of which were bound for India, marking a significant contraction in traffic volume.

SpaceX breaks traditional IPO allocation mechanisms by significantly favoring retail investors in its share distribution. According to market sources, SpaceX plans to allocate 30% of its IPO shares to retail investors, as Elon Musk breaks Wall Street conventions. The 30% share is three times the customary ratio; analysts believe SpaceX aims to leverage Musk's loyal fan base to stabilize its share price following the listing. SpaceX has disrupted the traditional underwriting model, with Musk personally appointing investment banks including Bank of America, Morgan Stanley, UBS, and Citigroup to specific roles covering both domestic and international institutional and retail markets.

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