U.S. stocks drop and Brent crude falls as Strait of Hormuz reopens, Gary Black notes

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26.06.2026

U.S. stocks drop and Brent crude falls as Strait of Hormuz reopens, Gary Black notes — U.S. stocks and oil prices decline

Gary Black, managing partner and investor at The Future Fund, reports that U.S. stocks declined on Friday, with SPX falling 0.5% and NDX dropping 1.2%, amid broad semiconductor selloffs and concerns about delays at OpenAI. Korean chipmakers also faced steep losses. Brent crude decreased by another 3.4% to $72.71, following the reopening of the Strait of Hormuz after progress in U.S.-Iran peace discussions, which led to increased supply in oil markets.

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Black has previously highlighted renewed Wall Street interest in custom AI chips, with AVGO and MRVL shares rising ahead of earnings. In another analysis, he compared valuations, noting that SPCX investors were paying 150 times 2026 EV/EBITDA, while NVDA traded at 19 times. His recent market updates continue to track sector-specific pressures and valuation trends.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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