Global Markets Plunge: Chipmakers' Woes and Oil Price Surge

A brutal sell-off in the chipmaking sector has sent shockwaves through global stock markets, triggering a sharp decline in Asian and European equity indexes. The slump, which has been exacerbated by renewed military strikes in the Middle East, has also led to a surge in oil prices, reigniting concerns about inflation and growth. Despite some positive earnings reports from major tech companies, such as Taiwan's TSMC and ASML, investor sentiment remains bearish. The European market, however, has been relatively insulated due to its limited exposure to the tech sector. The US market is also expected to feel the impact, with Nasdaq futures and S&P 500 futures experiencing significant declines. Meanwhile, oil prices continue to rise, with Brent crude futures and US crude futures set to post their largest weekly gains since April.