Finance

Oil prices experienced significant intraday swings, initially falling below $100 before rebounding late in the day after reported missile and drone exchanges between U.S. and Iranian forces near the Strait of Hormuz. Brent crude eventually settled near $100 a barrel, though prices climbed in extended trading as investors weighed the risk of sustained supply disruptions.

Corporate results continue to be polarized by AI adoption, with Datadog shares surging after raising its 2026 guidance due to strong demand for AI-related cloud migration. In contrast, Fastly shares plunged nearly 38% after its first-quarter growth failed to meet high investor expectations, underscoring a market that is increasingly punishing tech firms with rising costs and slower core revenue expansion.

New economic data revealed that weekly jobless claims rose slightly to 200,000, remaining lower than many analysts had projected. However, industry reports indicate a significant rise in tech-related job cuts for April, with approximately 16% of all recent layoffs attributed to the ongoing shift toward artificial intelligence infrastructure.