US stocks closed Tuesday: the Dow initially rose about 1%, the S&P 500 gained 0.2% and the Nasdaq fell 0.2%. SK Hynix (SKHY.O) dropped 8.98% and Micron Technology (MU.O) fell 8.85%. SanDisk (SNDK.O) plunged 14%, trading over 50% below its record high from a month ago. The Nasdaq Golden Dragon China Index rose 1.08%; NetEase (NTES.O) gained nearly 3%.

Fitch warned the AI investment boom and a potential market pullback are becoming a major global credit risk, raising concern that surging tech valuations and large upfront spending precede uncertain returns. In its Q3 global risk outlook Fitch said the near-term credit environment is dominated by two risks: rising vulnerability to an AI-related market correction and ongoing uncertainty from the US–Iran conflict. Fitch echoed recent regulator warnings that the AI boom is increasingly intertwined with economic growth and capital markets—especially in the US—heightening the risk of a large-scale selloff. "AI investment is now so large that the economy and overall capital markets are materially exposed to such an adjustment," it said.

US S&P/Case-Shiller 20-city house price index (not seasonally adjusted) +0.9% MoM in May; prior +1.0%.