Latest Developments

Asia-Pacific
The Straits Times

SpaceX set to join Nasdaq 100, paving way for wave of passive buying

SpaceX, which made its Nasdaq debut on June 12, has swung between sharp losses and small profits over the past three years. NEW YORK – SpaceX will be added to the tech-heavy Nasdaq 100 index on July 7, exchange operator Nasdaq confirmed on June 26, paving the way for a surge in passive investments in Elon Musk’s rocket and artificial intelligence giant. Inclusion in the index typically boosts the stock price, as exchange-traded funds (ETFs) looking to replicate the index’s performance buy shares of the newly included firm. To make it more attractive for companies seeking US listings, Nasdaq, along with other index providers FTSE Russell and MSCI, relaxed its entry requirements including profitability, the number of days after a company goes public and the number of shares available for trading. SpaceX, which made its Nasdaq debut on June 12, has swung between sharp losses and small profits over the past three years. In 2025, the company reported a net loss of US$4.9 billion (S$6.3 billion). Large Language Model makers OpenAI and Anthropic are also expected to file for their initial public offerings in 2026 or 2027 and likely target valuations of more than US$1 trillion. Investors buy mutual funds and ETFs, such ​as Invesco’s QQQ and QQQM, that track the Nasdaq 100, to get broader exposure. JPMorgan estimated that SpaceX’s inclusion in the Nasdaq 100 could draw US$4.3 billion in passive inflows. “Clearly, there’s a lot of demand, that’s why they fast-tracked the integration into the index,” Michael Field, chief equity market strategist at Morningstar, said. “A lot of people will be happy with it. Some fund managers less so, the sceptics among them, us included. We think the stock is overvalued.” S&P Global said in June that it ​was not changing the requirements for SpaceX to enter its major indices, including Wall Street’s benchmark S&P 500 index, and will wait for at least 12 months before even considering it. REUTERS

SpaceX set to join Nasdaq 100, paving way for wave of passive buying
North America
CNBC Finance

A surprisingly strong summer box office could mean Hollywood's first $10 billion year since the pandemic

Hollywood is having its best summer since before the pandemic, and that hot streak is putting the annual box office on pace to cross $10 billion for the first time in seven years. The season, which runs from the first weekend in May through Labor Day, has tallied $1.8 billion so far through Sunday. That's down less than 2% from 2019 levels, or just about a $30 million lag. Industry analysts keep a close eye on this period of the year because it typically accounts for about 40% of the total annual domestic box office. "The summer box office is incredibly important," said Paul Dergarabedian, head of marketplace trends at movie data company Rentrak. "It's vitally important in terms of what the overall health of the industry looks like and what that portends for the entire year." What sets this summer apart is that it didn't kick off with a blockbuster action film or superhero team-up. Instead, the first major hit of the season came with the release of Disney's "The Devil Wears Prada 2," followed by Universal's "Obsession" and A24's "Backrooms," two low-budget horror films from YouTube creators-turned-filmmakers. It was further fueled by residual ticket sales of Lionsgate's "Michael," the Michael Jackson biopic, which debuted in late April. Together, those four films have contributed nearly $850 million to the domestic summer box office since the start of May, according to data from Rentrak. Notably, that's about how much Disney and Marvel's "Avengers: Endgame" had tallied for the 2019 box office during the same period. Last week's release of Disney and Pixar's "Toy Story 5" delivered another boost, posting a franchise-best opening of $160 million. Combined, the handful of upside surprises is making for a stronger-than-expected domestic box office and a promising foundation for the second half of the year as the industry chases pre-pandemic levels. As of Sunday, the 2026 box office has tallied $4.4 billion domestically, about 15% behind the $5.2 billion the 2019 box office had collected during the same time period. Contributing to the surprisingly strong ticket sales is movies like "Michael," "Obsession" and even Amazon MGM's "Project Hail Mary," which was released in March, that are holding strong at the box office week after week. Typically, after opening weekend, a title will see sales drop anywhere from 50% to 70%. But these films were seeing drops of between 20% to 40% each week. "Obsession" has pulled off an even rarer box office feat as ticket sales actually increased in its second and third weekend in theaters, up 39% and 14%, respectively, according to data from The Numbers.

A surprisingly strong summer box office could mean Hollywood's first $10 billion year since the pandemic
North America
CNBC Finance

How Kohl's lost its way — and is trying to become relevant again

Kohl's was once a retail darling, carving out market share as a department store catering to the middle-income American consumer with coupons and deals that drove loyalty. But over the past five years, Kohl's stock has lost nearly 70% of its value, plummeting as the retailer reported weak sales. As department stores struggle to stay relevant and middle-income consumers face budget pressure, Kohl's is now trying to reinvigorate sales by leaning back into its core value proposition and investing in the store experience to ensure customers find what they need and keep coming back for more. Though Wall Street analysts believe the retailer has more work to do, investors have started to take notice: Kohl's shares have climbed more than 130% in the past year. "For us, it's really about making sure that we are picking a lane," CEO Michael Bender told CNBC. "Sitting in the middle of the retail landscape like we do, selling the products like we do, that are admittedly more discretionary than others, means that you have to pick a lane and decide who you're serving, and that you understand that customer really, really well." The company, which went public in 1992, saw its peak in the early 2000s as department stores gained traction around the U.S. Kohl's was known for its value, proprietary brands, coupons and Kohl's cash rewards, enjoying success along with other department store chains like Macy's and Bloomingdale's. At its height, Kohl's commanded major market share, with its stock reaching an all-time high of $82 per share in late 2018 and the company reporting revenue of $20.23 billion for the fiscal year ended February 2019. But soon after, the retailer began to lose traction. While department stores have broadly struggled during that time, Kohl's also faced specific issues that contributed to revenue declines. "As a department store, they've kind of been struggling for a number of years," Chuck Grom, an analyst at Gordon Haskett, told CNBC. Now, the company is working to stabilize its business, return to growth and win back a customer base that Bender said Kohl's never completely lost. Through changing its assortment, limiting coupon usage and leaning into off-price retail instead of proprietary brands, Kohl's "alienated" its core customers, forcing them to go elsewhere, Grom said. Grom, who has been covering Kohl's for years, said the retailer went wrong when it leaned into being an off-price retailer. "I think companies need to realize who their customer bases are and not try to become somebody they're not," he said. "I think too often retailers want to become what somebody else is, and that often can backfire on you."

How Kohl's lost its way — and is trying to become relevant again
Asia-Pacific
The Straits Times

S&P 500 ends lower; chips tumble and Moderna rallies

Traders working on the floor of the New York Stock Exchange during morning trading on June 26, in New York City. NEW YORK – The S&P 500 ended marginally lower on June 26, with a steep drop in AI-related chip stocks and sharp gains in Moderna and other healthcare stocks. The PHLX chip index tumbled 5.3 per cent, underscoring recent volatility among AI-related chipmakers that have fuelled much of Wall Street’s gains in recent years. While some investors remain optimistic about the potential for artificial intelligence to fuel higher profits, others worry that massive spending to build AI data centres may take too long to pay off. “It’s too early to conclude that there’s a major correction brewing in tech, but what I would say is that the questions around profitability and the capex story are certainly not going away,” said David Stubbs, chief investment strategist at AlphaCore Wealth Advisory. Stubbs also warned that Wall Street could be vulnerable to signs that US companies may not be able to deliver on investors’ high earnings expectations. Apple rallied 3.1 per cent and partly rebounded from a selloff on June 25, when it raised iPad and MacBook prices, blaming soaring memory and storage chip costs. Moderna surged almost 13 per cent to its highest level since 2024 after the drug developer hosted an investor event and showcased its pipeline. Eight of the 11 S&P 500 sector indexes declined, led lower by industrials, down 3.41 per cent, followed by a 2.45 per cent loss in materials. US inflation rose above 4 per cent in May, data showed on June 25, as the Iran war drove up energy prices, keeping alive the possibility of a Fed rate hike. While oil prices have retreated sharply as the Middle East tensions eased, Apple’s newly announced price hikes suggest inflation remains a concern, said Art Hogan, chief market strategist at B. Riley Wealth. “We saw a similar dynamic during the pandemic, when supply chain disruptions limited access to semiconductors. Now, we’re witnessing a comparable supply shock, this time driven by memory, which is creating renewed inflationary pressure,” Hogan said.

S&P 500 ends lower; chips tumble and Moderna rallies
Asia
The Economic Times

11 penny stocks plunge up to 55% in a month. Should investors worry?

Over the past 1 month, 13 penny stocks have recorded sharp declines, falling between 20% and 55%. These underperformers were identified through a targeted screening approach focused on stocks with a market cap below Rs 1,000 crore, a share price under Rs 20, and a minimum recent trading volume of 5 lakh shares. The strategy aims to highlight low-priced, actively traded penny stocks that have experienced significant downside. (Data Source: ACE Equity)Although penny stocks often attract investors with their low entry prices and potential for rapid gains, they come with substantial risks. Due to low liquidity, high volatility, and limited transparency, they are prone to manipulation and sudden price drops. Without a clear strategy and strong risk controls, investors may face more losses than gains.

11 penny stocks plunge up to 55% in a month. Should investors worry?
Asia
The Economic Times

AMFI reshuffle: Hindustan Copper among 6 smallcap stocks that may get upgraded to midcap

Six smallcap stocks could be upgraded to the midcap segment in AMFI’s H2 CY26 semi-annual rejig, according to Nuvama Institutional Equities. Based on current average market capitalisation trends, AMFI may raise the large-cap cut-off to around Rs 1.07 lakh crore (vs Rs 1.05 lakh crore in December 2025) and set the midcap threshold near Rs 32,800 crore (vs Rs 34,800 crore earlier). Hindustan Copper, with a market capitalisation of Rs 47,384 crore, is likely to move into the midcap category. NLC India, with a market capitalisation of Rs 44,309 crore, may also see an upgrade. AIA Engineering, currently valued at Rs 45,237 crore, is another probable entrant into the midcap basket. Ajanta Pharma, with a market capitalisation of Rs 39,866 crore, could be reclassified as a midcap stock. Aster DM Healthcare, at Rs 39,843 crore, is also expected to move up the ladder. Sona BLW Precision Forgings, with a market capitalisation of Rs 38,528 crore, remains on the cusp and may be upgraded.

AMFI reshuffle: Hindustan Copper among 6 smallcap stocks that may get upgraded to midcap
Asia
The Economic Times

NFO Watch: 5 mutual funds and 2 SIFs open for subscription this week. Check details

Around five new mutual funds and two SIFs will open for subscription this week (June 29 to July 3). Fund houses launch new schemes to expand and complete their product portfolios. Here is a detailed breakup (Source: ACE MF). Prism Hybrid Long-Short Fund, a SIF from JioBlackRock Mutual Fund, will open on June 29 and close on July 13. The minimum investment amount is Rs 10 lakh. Summit Equity Long-Short Fund, a SIF from Invesco Mutual Fund, will open on July 2 and close on July 16. The minimum investment amount is Rs 10 lakh. Choice Overnight Fund, an overnight fund from Choice Mutual Fund, will open on July 1 and close on July 3. The minimum investment amount is Rs 1,000. Motilal Oswal BSE Midcap 150 Momentum 30 Index Fund, an index fund from Motilal Oswal Mutual Fund, will open on July 3 and close on July 17. The minimum investment amount is Rs 500.

NFO Watch: 5 mutual funds and 2 SIFs open for subscription this week. Check details
Europe
BBC Business

Asia stock markets slide as tech shares slump

Image source, AFP via Getty ImagesByOsmond ChiaBusiness reporterPublished4 hours agoAsian stock markets fell sharply on Friday, led by a sell-off in technology firms as investors worried that recent jumps in share prices had gone too far. Trading on South Korea's Kospi was temporarily halted as an 8% fall in the benchmark index triggered a mechanism intended to curb panic selling. The index closed 5.8% lower. It comes after shares in Apple fell sharply on Thursday after it announced it would raise the prices of its iPads and MacBooks due to the soaring cost of computer chips. Some investors are also concerned about the hundreds of billions of dollars being spent this year by big tech firms to build artificial intelligence (AI) infrastructure. Traders are reassessing the valuations of tech stocks, while some are taking profits after a rally in recent months, said senior partner David Makaryan from the Alpha Pacific Group, an investment firm. "The long term investment case for AI remains compelling, but investors are becoming far more selective about which companies can justify the valuations the market has assigned to them," Makaryan said. Elsewhere in Asia, Japan's Nikkei 225 closed more than 4% lower as shares in technology investment giant SoftBank fell by 12.5%. Other major indexes in the region, including in Taiwan and mainland China, were also sharply lower. Friday's 20-minute halt on the Kospi marked the third time the so-called circuit breaker has been triggered this week and the fifth such event this year. On Thursday in the US, Apple shares dropped by 6% - its biggest one-day fall in more than a year. Microsoft shares also fell after it announced higher prices for its Xbox gaming consoles, citing higher costs of components. The moves have raised concerns that rising component prices could hit sales of devices, which in turn may slow demand for computer chips.

Asia stock markets slide as tech shares slump
Asia
The Hindu BusinessLine

Frustration grows in Venezuela as earthquake death toll reaches 1,430

Tensions flared Saturday as desperation grew in Venezuela's state of La Guaira as rescuers and civilians searched for earthquake survivors and the death toll rose sharply to 1,430. Venezuela's government said families reported at least 68,900 people missing, three days after the one-two punch of 7.2 and 7.5 magnitude earthquakes devastated the South American nation. Venezuelans looking for loved ones and neighbors used shovels, heavy equipment, ropes and bare hands atop mounds of toppled concrete throughout La Guaira, one of the hardest-hit states. They were joined by a growing number of international rescue teams who began to climb through the rubble, offering a small glint of hope to anguished families. Tensions peaked over what many Venezuelans viewed as an inadequate response by the government, whose soldiers, firefighters, police and military cadets were evidently underprepared to respond to the scope of the tragedy. Many felt every minute ticking away as they ran out of time to rescue people alive. Frustration was amplified by efforts to project the image of a robust state response. “There's a pile of bodies over there from last night. Newborn babies," said Mileidy Romero, who was among those searching in the seaside town of Caraballeada. "At 8 p.m. (yesterday) there were people alive down there, and they haven't bothered to rescue them. We've located several bodies, and they haven't helped us recover them either. What are they waiting for?” Aid agencies consider the first 48 to 72 hours as crucial for retrieving people alive, though that can be extended if they have access to food and water. Venezuelan officials said 17 flights carrying more than 1,600 rescue team members had touched down by Saturday. Tension mounts during rescue efforts Acting President Delcy Rodríguez said on state television that more than 14,000 members of the military and police are patrolling the area, where access is now blocked and special permits are required to enter. But many in disaster zones said they had seen little of their government. Some people climbed the remnants of buildings and cried out names, hoping for any proof of life. Dust coated coastal communities. In punishing heat, more people wore masks as the stench of decomposition spread. In other parts of La Guaira, teams unloaded stacks of bodies from white trucks onto the ground of a dirt hospital parking lot, where they were to be identified. With the absence of hard hats, rescuers and civilians used motorcycle helmets as they searched piles of debris that were once people's belongings: Eddie Murphy and Nemo DVDs, a kitchen sink, mattresses and shoes. Some, frustrated by the government's response, blocked an excavator from leaving the site of a collapse and pulled the operator from its cabin shortly after state workers took selfies in front of flattened buildings and left without helping. The ruling party's officials often take selfies to show participation in government-related events. A member of the crowd, Yeison Marcano, said those searching had received some assistance from an investigations unit but neither police nor the National Guard helped. “They came to eat arepas and take pictures to make it look like they were working," Marcano said. "They didn't even get their uniforms dirty like we have. We've been here for three days." A minute later, a man tried to grab a firefighter, shouting and cursing. “Silence! Silence!” rescuers shouted as they tried to confirm whether someone was trapped alive.

Frustration grows in Venezuela as earthquake death toll reaches 1,430