{"id":17455,"date":"2026-06-24T13:01:29","date_gmt":"2026-06-24T13:01:29","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=17455"},"modified":"2026-06-24T13:01:29","modified_gmt":"2026-06-24T13:01:29","slug":"ai-companies-stabilize-after-rout-and-oil-continues-slide-as-trump-threatens-major-drillers","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=17455","title":{"rendered":"AI companies stabilize after rout and oil continues slide as Trump threatens major drillers"},"content":{"rendered":"
\n

By CHAN HO-HIM and MATT OTT, AP Business Writers<\/strong><\/p>\n

Wall Street was poised to open with modest gains Wednesday following a global sell-off in big technology stocks a day earlier.<\/p>\n

Read more Trump heads to Capitol to speak with GOP senators who have grown increasingly frustrated with him<\/a><\/p>\n

Futures for the S&P 500 inched up 0.1% before the opening bell, while futures for the Dow Jones Industrial Average were flat. Nasdaq futures were up 0.3%.<\/p>\n

Some of the companies hit hardest by selling Tuesday took back some of those losses before the market opened.<\/p>\n

Chipmaker Micron, which tumbled more than 13% on Tuesday, gained 3.2% overnight. Marvell Technology rose 1.5% in premarket after skidding 9.4% a day earlier.<\/p>\n

This week\u2019s selling has largely targeted companies that have seen their values surge amid the frenzy over artificial intelligence technology. Their pricey stock values give them more influence over the broader market\u2019s direction.<\/p>\n

Outside of the AI selloff, shares of Google parent company Alphabet inched higher overnight after it was announced that it would replace Verizon on the Dow Jones Industrial average Monday. Alphabet will become the fifth Magnificent 7 company to join the index.<\/p>\n

Take-Two Interactive jumped 3% after announcing early Wednesday that its Rockstar Games would begin taking pre-orders for Grand Theft Auto VI, the latest of its blockbuster game series, on Thursday at midnight.<\/p>\n

\n<\/div>\n

Oil prices fell again, continuing to edge closer to where they were before the Iran war started in late February. More ships crossed the Strait of Hormuz while U.S.-Iran talks on a permanent end to the Iran war continued to make progress.<\/p>\n

Still, while vessel crossings in the strait increased in recent days, they remained well below prewar levels, they noted.<\/p>\n

Brent crude, the international standard, fell $1.59 to $75.21 a barrel. It has been trading below $80 in recent days but is still elevated compared with the approximately $70 per barrel in late February before the war began.<\/p>\n

Benchmark U.S. crude fell $1.67 to $71.54 a barrel. It was around $67 a barrel before the war.<\/p>\n

\n<\/div>\n

Early Wednesday, President Donald Trump said the Justice Department will investigate oil companies for price gouging<\/p>\n

Read more Top Army general who was last US soldier to leave Afghanistan is suddenly leaving his post<\/a><\/p>\n

Trump said on social media that gasoline prices are not matching the decline in oil prices, so he has told the Justice Department \u201cto immediately start looking into this.\u201d<\/p>\n

Crude oil prices have eased with the interim deal with Iran, which has enabled more oil tankers to start passing through the Strait of Hormuz. Prices at the pump are averaging $3.93 a gallon, according to AAA. Gasoline costs have fallen over the past month, just not as much as Trump would like.<\/p>\n

\u201cIn other words, customers are being \u2018gouged,\u2019\u201d Trump posted. \u201cI have instructed the DOJ to immediately start looking into this. Gasoline prices better start going down a lot faster than what I\u2019m seeing!\u201d<\/p>\n

Investors are awaiting a report due Thursday on May\u2019s personal consumption expenditures price index, or PCE, the Federal Reserve\u2019s preferred measurement of inflation in the U.S.<\/p>\n

Bond yields have remained higher as inflation concerns grew amid global energy shocks. The yield on the 10-year Treasury settled at 4.48% early Wednesday.<\/p>\n

The Federal Reserve has signaled that it could raise interest rates at least once before the end of the year. Wall Street sees an 85% chance that the central bank will raise its benchmark interest rate this year, according to date from CME Group. That\u2019s compared to 60% a week earlier.<\/p>\n

The potential for higher interest rates can stifle future spending and hurt prices for investments.<\/p>\n

Elsewhere, in Europe at midday, Britain\u2019s FTSE 100 was unchanged, while Germany\u2019s DAX fell 1.1% and France\u2019s CAC 40 ticked up 0.2%.<\/p>\n

In Asia, South Korea\u2019s benchmark Kospi index was up 3.3% to 8,471.02, recovering from its 10% decline on Tuesday. Shares of memory chipmaker SK Hynix, one of the country\u2019s most valuable stocks, climbed 1%. Samsung Electronics jumped 9.8%, after Tuesday\u2019s 12.3% plummet.<\/p>\n

Tokyo\u2019s Nikkei 225 lost 0.9% to 69,174.97 after falling 3.6% on Tuesday.<\/p>\n

Taiwan\u2019s Taiex, which is also heavily influenced by tech shares, fell 2.2%.<\/p>\n

Hong Kong\u2019s Hang Seng was 0.3% higher at 23,412.18. The Shanghai Composite index was up 0.1% to 4,110.81. Australia\u2019s S&P\/ASX 200 edged up 0.2% to 8,808.40.<\/p>\n

The big falls in tech shares were an \u201cillustration of rising volatility\u201d in these stocks, said James Reilly, senior markets economist at Capital Economics. \u201cThis is particularly true in Korea where domestic retail buyers are taking on an increasing role,\u201d he said.<\/p>\n

Read more NATO\u2019s Trump whisperer heads to the White House to soothe the president ahead of next month\u2019s summit<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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