US stocks swung on Friday after news of a possible postponement of OpenAI’s (OPAI.PVT) IPO added to the pressures that have jolted markets throughout the week.
The Nasdaq Composite (^IXIC) slipped 0.3%, and the S&P 500 (^GSPC) fell 0.1% after both indices closed lower on Thursday for the fourth consecutive session this week. The Dow Jones Industrial Average (^DJI), with a lighter tech weighting, also declined 0.1%, having suffered steeper losses earlier in the day.
Rising memory and storage costs are sparking worries for device manufacturers, especially after Apple (AAPL) lifted prices on its MacBooks and iPads. Strong earnings from memory-chip leader Micron (MU) indicate the pressure will persist.
Meanwhile, a New York Times report suggesting OpenAI may postpone its mega‑IPO until 2027 is further dampening investor enthusiasm for technology stocks.
AI‑related shares were already under strain amid rising expectations of a Federal Reserve rate increase this year, reinforced by a hot May reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index.
Oil prices fell roughly 3% as tanker movements persisted through the Strait of Hormuz even after an attack on a container vessel. Brent crude futures (BZ=F) slipped to near $73 per barrel, while WTI crude (CL=F) traded under $70. Although the United States and Iran have agreed to a 60‑day ceasefire, ongoing reports of instability in the vital waterway remain, with Tehran hinting at levying transit fees.