Finance

Technology shares, particularly chipmakers, experienced a significant selloff with the Philadelphia Semiconductor Index dropping over 6%. Major players such as Micron Technology and Intel saw steep losses as investors pulled back from the recent AI-driven rally to start the new trading month.

Fed Chair Kevin Warsh reaffirmed the central bank's commitment to reaching a 2% inflation goal, signaling a cautious approach to future rate cuts despite recent signs of easing price pressures. Policymakers remains divided on the timing of monetary policy shifts, with some pushing for aggressive cuts while others focus on balancing inflation with job market stability.

Gold prices rose above $4,000 per ounce as softer manufacturing data and cooling yields increased the appeal of safe-haven assets. Conversely, oil prices traded lower amid reports of progress in indirect negotiations between the U.S. and Iran, which could potentially alleviate supply constraints in the Strait of Hormuz.