investingLive European session wrap: Trump lifts the mood but tech shares under pressure

Headlines:Trump: The US is in the middle of final negotiations to end the Iran warIsraeli military warns that the fighting in southern Lebanon continuesAI drives tech sector to cut jobs by the most since 2023BOJ reportedly expected to raise interest rates later this month - reportRBA governor Bullock: We expect inflation to increase further in the near-termEuro area retail sales fall in April, challenging outlook aheadGerman construction activity experiences another steep rate of decline in MayUK construction output falls at fastest pace for six years in MaySwiss inflation holds steadier in May, core estimate remains subduedMarkets:WTI crude down nearly 4% to $96.50US dollar lower across the boardEuropean indices mostly higher but US futures down as tech shares dropS&P 500 futures down 0.4%, Nasdaq futures down 1.2%US 10-year yields down 3 bps to 4.46%Gold up 1.6% to $4,501Bitcoin down 3.5% to $62,642Another day, another case of the boy who cried wolf. US president Trump once again reaffirmed that a "deal to end the war" is close and once again markets are falling for it hook, line, and sinker.Oil prices are under pressure with WTI crude down nearly 4% to $92.50 on the day. Meanwhile, the US dollar is dropping across the board on renewed optimism in broader markets. EUR/USD is up 0.4% to 1.1640 with USD/CHF down 0.5% to 0.7875 on the day.The movement in the equities space is arguably the most intriguing though. European indices are holding higher for the most part and so are Dow futures, with the latter up 0.8%. However, there's some ugly selling going on in tech shares and that's something to take notice ahead of the Wall Street open later.Nasdaq futures are down 1.2% and that is leading S&P 500 futures to be down 0.4% as well currently. The declines are led by Broadcomm, whose shares are down ~15% in pre-market. And we're also seeing AMD shares be down ~4% and Micron shares down ~7% in pre-market, with Nvidia also down ~1% for now.The AI trade is certainly taking a hit this week as investors start to feel the pinch of the transition in wanting to see the numbers back up the costs. It's a case of show me the money time.In the bond market, we're seeing yields drop back with 10-year Treasury yields down 3 bps to 4.46% and 30-year yields down 3 bps to 4.96% on the day.Meanwhile, precious metals are also moving up with gold sitting higher by 1.6% to $4,501 and silver up nearly 2% to $74.10 on the day. This article was written by Justin Low at investinglive.com.