By Geoffrey Smith

Investing.com -- Micron's quarterly guidance signaled an end to the boom times for chipmakers. The ISM's manufacturing survey for June is due. Inflation in the Eurozone surged past expectations to a new record high, putting fresh pressure on the European Central Bank to do more - and more quickly - to bring it down. Stocks are set to open slightly lower after the worst first half in 52 years. FTX is set to buy troubled crypto lender BlockFi (but not Celsius, which may be past rescue), and oil prices rebound from Thursday's losses as fundamentals stay tight. Here's what you need to know in financial markets on Friday, 1st July.

1. Micron outlook spooks chipmakers

It’s been a great couple of years for chipmakers, but the boom may be coming to an end. Micron Technology (NASDAQ:MU) stock fell over 5% in premarket trading, after forecasting a marked drop in sales in the current quarter and saying that it would “moderate” its output growth accordingly.

“The industry demand environment has weakened,” CEO Sanjay Mehrotra said. Recent research has suggested that PC shipments will fall nearly 10% this year, while smartphone shipments are expected to fall nearly 6%. Thursday’s U.S. data on personal spending showed declines on all categories of durable goods, from autos to electronics.

The news dragged down other semiconductors names overnight, with Samsung (KS:005930) falling 1.4% in Seoul, and Infineon (ETR:IFXGn) falling 2.2% in Europe, while lithographer ASML (AS:ASML) fell 2.7%.

2. Eurozone CPI surges to new record high but PMIs surprise to the upside

Inflation in the Eurozone surged to a new high of 8.6%, ahead of expectations and piling further pressure on the European Central Bank to quicken the pace of monetary policy tightening.

That was despite tax cuts that led to lower prices for fuel in Germany and some other Eurozone members last month. The Bank has already all but committed to a 25 basis point increase in interest rates this month, despite a vocal minority of policymakers calling for more drastic action.

On a brighter, note, the region’s manufacturing sector continued to expand in June, activity slowing by less than feared. Tougher times remain ahead, however, with the risk of a complete stop to Russian gas exports threatening to force countries to impose rationing. Gazprom's (MCX:GAZP) stock fell over 30% in Moscow on Thursday after the company said it wouldn’t pay a dividend, in what appeared a preparation for a sudden stop in payments from customers.

3. U.S. stocks set to open lower after worst 1H in over 50 years; ISM survey eyed

U.S. stock markets completed their worst 1st half in 52 years on Thursday and are set to extend their losses at the open.