Finance

Advanced Micro Devices shares skyrocketed nearly 19% after the company reported quarterly results that exceeded expectations and provided a strong future outlook. This performance, driven by intense demand for artificial intelligence chips, triggered a broader rally across the semiconductor industry. Other major players like Intel and Nvidia also saw substantial gains, bringing the year-to-date increase for the PHLX chip index to approximately 62%.

Brent crude and WTI oil prices saw a sharp decline of roughly 7% to 8% following news of diplomatic progress in the Middle East. This drop below the $102 per barrel threshold for Brent crude has provided much-needed relief to investors concerned about persistent energy-driven inflation. Lower fuel costs are expected to reduce overhead for manufacturers and transportation companies, supporting the narrative of a soft economic landing.

The yield on the 10-year Treasury note fell to approximately 4.35% as investors moved back into riskier assets following the easing of geopolitical tensions. This represents one of the largest single-day declines for yields in recent weeks, reflecting a stabilization in policy expectations. Bond markets had previously been under pressure from rising energy prices, but the recent correction in oil has mitigated some immediate inflation concerns.