Finance

Bucking the broader technology sell-off, chipmakers continued their upward momentum, with the PHLX Semiconductor Index marking its 17th consecutive day of gains. Texas Instruments provided a significant boost to the sector after reporting strong quarterly results and optimistic revenue guidance, highlighting a divergence between hardware and software performance.

Energy prices surged as ongoing U.S.-Iran tensions in the Strait of Hormuz created fresh supply concerns, briefly pushing Brent crude above $107 per barrel. While diplomatic ceasefire discussions have occasionally eased volatility, the persistent threat of maritime blockades continues to support a high geopolitical risk premium in the oil market.

Fresh flash PMI data for April showed U.S. business activity reaching a reading of 52.0, indicating expansion led primarily by a recovery in manufacturing. However, the report also noted that supply chain disruptions from Middle East conflicts are driving output prices to near four-year highs, complicating the Federal Reserve's path toward interest rate cuts.

The cryptocurrency market remains in a period of steady consolidation, with Bitcoin trading above the $73,000 mark as it attempts to break toward new record highs near $80,000. Analysts note a shift in market structure as "whale" wallets increasingly control more of the circulating supply, suggesting a transfer of assets from retail speculators to long-term institutional holders.

Tesla stock faced downward pressure after the company announced plans to boost capital expenditures to over $25 billion for the year. The investment is focused on pivoting the firm's core business toward robotics and artificial intelligence infrastructure, a move that sparked immediate investor concern regarding near-term profitability and factory expansion costs.