WS #10505

The dominant narrative remains a severe global tech selloff, now escalating further. Nasdaq futures fell 2.6% as the rout wiped 10% off South Korea's Kospi, with chipmakers down over 12% in Asia. Multiple sources corroborate the depth: Bloomberg reports 'Tech stock selloff spreads to Europe,' NYT says 'The tech sell-off goes global,' and Seeking Alpha notes 'South Korea leveraged ETF crisis sparks global chip selloff.' The selloff is spreading to Europe, with Bloomberg reporting 'Tech stock selloff spreads to Europe.' A counter-signal to the tech rout: BofA raised price targets on Intel, Arm, and Micron, citing AI spending visibility extending to 2028, which could provide some support to semiconductor stocks. Additionally, IBM shares are trading higher after joining the OpenAI Daybreak Cyber Partner Program and receiving a JP Morgan upgrade from Neutral to Overweight with a price target increase from $270 to $291. On the geopolitical front, Ukraine's military says it destroyed a railway bridge over the North Crimean Canal, and Iran's foreign ministry says the country will have unrestricted use of its unfrozen assets with no spending limitations. Trump reports 19 million barrels of oil flowed through the Hormuz Strait yesterday, a record high, citing falling oil prices and improved global security. The ADP National Employment Report preliminary estimate for June 6 shows 30,750 jobs added per week, the first pickup in hiring since May 2. Deutsche Bank slashes gold forecasts by 22% as Wall Street wary of peak bullion. AMC Entertainment stock tumbles 19% on share offering. Sangamo Therapeutics enters into asset sale agreements with Lilly and Astellas and commences voluntary Chapter 11 proceedings.