Finance

The chipmaking sector suffered a widespread retreat as investors questioned whether heavy capital expenditure on artificial intelligence infrastructure can sustain lofty valuations. Market anxieties were further heightened following the release of an advanced large-scale model by China-based Moonshot AI that reportedly competes directly with leading domestic frameworks.

Crude prices surged, with West Texas Intermediate trading near $82 per barrel and Brent crude jumping over 4% on Friday. This upward pressure follows military exchanges between the United States and Iran, which included strikes on key infrastructure and a tanker boarding near the highly sensitive Strait of Hormuz.

Corporate earnings results prompted sharp, diverging moves among individual equities. Netflix shares plunged roughly 11% following the streaming pioneer's projections of slower third-quarter expansion, while insurance heavy hitter Travelers Cos. advanced 8% after posting profit results that substantially beat market expectations due to lower-than-anticipated catastrophe losses.