AI stocks slump again, while oil prices keep rising

Computer chipmakers and AI boom winners slumped across global markets on July 16, 2026, with the Nasdaq down 0.9%, S&P 500 down 0.3%, and Micron leading losses at -3.7%. Oil prices climbed as the US-Iran conflict over the Strait of Hormuz pushed Brent crude to $85.43/barrel and the 10-year Treasury yield rose to 4.58%, raising concerns of further central bank rate hikes.

Why it matters: South Korea's Kospi crashed 6.4% amid a Bank of Korea rate hike, while European and Asian indexes broadly fell; Hong Kong's Hang Seng was the outlier, rising 1.3% on Alibaba's gain after Apple Intelligence approval in China.