Finance

Energy markets reacted aggressively to the breakdown of the U.S.-Iran agreement, causing global benchmarks like Brent crude and West Texas Intermediate to spike by up to 8%. Adding to the energy supply anxiety, diesel futures jumped in response to a short-term export ban announced by the Russian government.

The Federal Open Market Committee released the minutes from its June policy meeting, which was the first under the leadership of Chairman Kevin Warsh. Investors are parsing the text for rate clues as market expectations pivot from anticipated cuts toward potential rate hikes due to sticky inflation and geopolitical instability.

Bucking the broader market downturn, Broadcom shares rose more than 4% following a major chip-supply announcement with Apple valued at over $30 billion. The news injected positive momentum into select semiconductor equities despite ongoing valuation concerns surrounding the broader artificial intelligence sector.