Oil Prices Near Prewar Levels

Global shares rose on June 25, led by sharp gains in Asian tech stocks after strong forecasts and earnings from Qualcomm and Micron Technology. Oil prices slipped closer to prewar levels, with Brent crude down 1.2% to $72.97 a barrel and U.S. benchmark crude down 1.2% to $69.51 a barrel. The decline in oil prices led to losses for oil companies, including Exxon Mobil and Chevron, which fell 2% and 2.6% respectively. In contrast, tech companies saw significant gains, with Qualcomm’s share price surging 11.5% and Micron Technology’s shares jumping 17% after they announced upbeat earnings reports. The S&P 500 and Dow Jones Industrial Average also saw gains, with the S&P 500 rising 0.8% and the Dow Jones Industrial Average up 0.3%. The rise in tech stocks was driven by strong earnings reports from major computer chipmakers, including Qualcomm and Micron Technology, which announced new products and raised their revenue forecasts. The global market also saw gains in other regions, with Tokyo’s Nikkei 225 index surging 4.6% to a record close and South Korea’s benchmark hitting a new record. The Federal Reserve is expected to release its preferred measure for prices, the Personal Consumption Expenditures price index, which is expected to show a 4.1% rise in May, the highest level in three years.