the open: semi slide & oil rise ↕️

Markets stumbled overnight as rising bond yields and a sharp jump in oil prices weighed on investor sentiment. Australian futures are pointing to a 33 point or 0.4% drop at the open. The S&P 500 and Nasdaq fell, led by a sell-off in semiconductor stocks after Samsung's earnings disappointed lofty expectations. The Philadelphia Semiconductor Index dropped 4.5%, with investors rotating into energy, financials and defensive sectors. Oil producers benefited as Brent crude surged around 5% following reports of attacks on shipping in the Strait of Hormuz. Nvidia shares fell after areport China's DeepSeek is developing its own AI chip; SpaceX shares fell as the company entered the Nasdaq 100 and brokerages began coverage; US bank shares rose after UBS lifted price targets ahead of Q2 results next week. In bond markets, the US 10-year Treasury yield climbed to its highest level in weeks. New York Fed data showed consumers expect inflation to remain elevated. For Australian investors, attention turns to central banks today. The RBNZ is expected to lift rates by 25 basis points, the minutes from the latest Federal Reserve meeting are due, and RBA Assistant Governor Sarah Hunter is scheduled to speak, offe