Traders were active following a Federal Open Market Committee (FOMC) meeting on the New York Stock Exchange (NYSE) on Wednesday, June 17, 2026.
Hey there, this is Justina Lee from Singapore. Let’s dive into another edition of CNBC’s Daily Open.
The fallout from the dip in tech stocks is still shaking up global markets.
What began with weakening tech stocks morphed into broader declines across Asia and Europe on Tuesday, even hitting precious metals as investors reconsidered interest rate trends.
In South Korea, the push for developed market status ran into a snag after MSCI opted to keep the country categorized as emerging market. Indonesia, too, is facing possible downgrade risks due to access concerns for investors.
Key points to note today
On Wednesday, Asian tech stocks bounced back after a rough patch that affected global markets.
The Kospi in South Korea surged over 3% after a 10% drop on Tuesday. Notably, SK Hynix rose about 3% and Samsung Electronics shot up by more than 6%.
These two were significant contributors to the Kospi’s decline during the tech-driven selloff, which unnerved investors globally. The Stoxx 600 in Europe dropped roughly 1% as caution prevailed among investors.
The troubles in tech stocks also had a knock-on effect on precious metals. Gold and silver prices came under pressure, driven by concerns that high-interest rates might stick around for longer, prompting several banks to lower their forecasts for these metals.
However, there are some positive updates for major U.S. tech firms. Alphabet has replaced Verizon in the Dow Jones Industrial Average, which could enhance its visibility in this prestigious index.
Meanwhile, Meta has rolled out new $299 smart glasses, aiming to expand the wearable tech market, prompting price cuts for older models.
In Asia, investors are still processing MSCI’s decisions regarding Indonesia and South Korea.
The global index provider continued Indonesia’s classification as an emerging market after halting its stocks in the index earlier this year due to investability issues.
MSCI also decided to keep South Korea in the emerging market category, despite a recent stock price surge. The limited convertibility of the Korean won in offshore markets was cited as a barrier to any upgrade.
Outside of market dynamics, there’s renewed focus on geopolitical risks, particularly in the Middle East. Recent developments suggest a stabilizing situation in the region.
More than 11,000 sailors stranded in the Persian Gulf are beginning their exit through the Strait of Hormuz. This move is supported by a plan from both the United States and Iran, as confirmed on Tuesday. As a result, oil prices dipped slightly while traders continued to monitor the tankers navigating this crucial channel.
