Stocks slide, oil prices jump as tech, Mideast war in focus

Tokyo and Taipei led a global tech selloff on Friday as concerns about overbought valuations intensified, with Japan's Nikkei dropping 4% and Taiwan's Taiex shedding 6.5% despite TSMC's record Q2 profit. Oil prices rallied above $86 a barrel for Brent crude as US-Iran tensions escalated, with threats to key shipping routes like the Strait of Hormuz adding to market uncertainty.

Why it matters: Netflix plunged over 9% after-hours on slowing sales growth warnings, while European markets also fell; energy stocks Shell and BP rose on higher oil prices, but Burberry slid over 7% on a cautious outlook.