Finance

Cisco Systems shares climbed 13% following a robust quarterly report that highlighted massive growth in artificial intelligence infrastructure orders. Simultaneously, AI chipmaker Cerebras Systems saw its stock price soar nearly 70% during its market debut, marking the largest initial public offering for a U.S. tech firm since 2019.

Digital asset stocks rallied after a Senate panel approved the Digital Asset Market Clarity Act, a significant step toward creating a national regulatory framework for the industry. While Bitcoin hovered near $80,000, shares of major crypto-linked firms like Coinbase surged on expectations that the bill will continue to gain traction in Congress.

The 10-year Treasury yield rose toward 4.47% as recent producer price index data indicated factory gate prices are increasing faster than anticipated. These persistent inflationary pressures, coupled with a cycle high in energy costs, have led futures markets to price in a higher probability that the Federal Reserve will maintain current interest rates through June.