Tech Selloff Widens as Oil Surges on Iran Strait Threat
Nasdaq futures drop 1.5% and WTI crude jumps 2.6% to $81 as geopolitical tension and broad tech weakness dominate Friday's session.
The tech bleeding that started Thursday isn't stopping. Nasdaq futures are down 1.5% and S&P 500 futures off 0.8% heading into the US open — and this time it's not just chipmakers and AI plays getting hit. Big tech is getting dragged down too, which tells you the selloff is broadening. That's the kind of breadth that hurts more.
Asia already felt the pain. The Nikkei closed down 4% and the KOSPI cratered over 6%. Europe held up better, but only because its major indices carry less tech weight — don't mistake that for strength. The real test hits when Wall Street opens.
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Meanwhile, oil is making a serious move. WTI crude is up 2.6% to $81.00 after Iran's IRGC doubled down on its threat to block all oil and gas shipments through the Strait of Hormuz while US attacks continue. That's a supply-shock narrative traders can't ignore, and it's pushing crude right back through the $80 level.
The dollar is mixed as Treasury yields pull back — 10-year yields are down about 4.6 basis points to 4.525%. EUR/USD and USD/JPY are basically flat, while the Swiss franc leads on safe-haven flows. Gold is catching a bid too, up 0.6% to $3,992, though silver slipped 0.2% to $55.40, keeping the precious metals picture uneven.
Bottom line: you've got widening equity weakness, an oil spike driven by real geopolitical risk, and falling yields all at once. That's a cocktail that could make for a very messy Friday close. Stay sharp. Continue reading at Forexlive.
