Finance

Heavyweight technology and memory chipmakers led a substantial market surge, with companies like SanDisk and Micron Technology securing major advances. Positive corporate outlooks and robust infrastructure demands in artificial intelligence have relieved previous concerns over aggressive capital expenditure within the tech sector. However, the gains remained highly concentrated, overshadowing flatter performances across other non-tech market segments.

Brent crude oil futures dropped by approximately 2% to finish near $87 per barrel, continuing a volatile trend for energy commodities. The drop in oil prices provided a helpful tailwind for the broader stock market rally by reducing near-term inflationary pressures. Market participants are attributing the price retreat largely to increasing concerns regarding weaker worldwide demand.

Corporate results sparked volatile moves across multiple individual listings, highlighted by Cisco Systems shares dropping 9% despite exceeding aggregate Street expectations. On the retail side, Tapestry plummeted over 16% due to a conservative annual revenue forecast for its luxury brands. Conversely, Workday led software sector gainers with double-digit growth amid reports of prospective private-equity interest from Silver Lake.