CNBC — 2026-06-27#

Lead Story#

The artificial intelligence trade took a massive hit this week, dragging the tech-heavy Nasdaq Composite down 4.6% as surging memory chip costs forced Apple and Microsoft to hike device prices and sparked an “existential crisis” for smaller electronics manufacturers.

Markets & Economics#

While the Nasdaq tumbled 4.6% and the S&P 500 slipped 1.95%, the Dow Jones Industrial Average managed a 0.6% gain as falling oil prices lifted economically sensitive stocks. The 10-year Treasury yield fell below 4.4% and the iShares 20+ Year Treasury Bond ETF extended a 5% gain, signaling a sharp easing of inflation fears among bond investors. In global macro data, China’s industrial profits rose 21.1% in May, heavily skewed by a 103.9% surge in electronics while automakers plummeted 19.8% amid weak domestic consumption. Meanwhile, geopolitical risks flared again over the weekend as a tanker was struck by a projectile in the Strait of Hormuz following retaliatory military strikes between the U.S. and Iran.