Finance

Nvidia shares dropped 5%, wiping out a substantial portion of its market valuation and allowing Apple to overtake it as the most valuable publicly traded company in the United States. Investor anxiety surrounding Nvidia increased following reports that the chip manufacturer might provide a massive financial backstop for an upcoming OpenAI data-center project. Meanwhile, Apple stock neared fresh record highs as investors positioned themselves ahead of its highly anticipated quarterly earnings report.

International oil prices fell sharply, with Brent crude tumbling over 6% to settle well below $90 per barrel. The sell-off was triggered by an unexpected decision by the Trump administration to pause military strikes against Iran, enabling both nations to shift back toward diplomatic discussions. This sudden retreat in energy prices has alleviated immediate inflation concerns and provided a tailwind for industrial, consumer staple, and travel-related stocks.

Spot gold prices rallied sharply to break above $4,100 per ounce, showing notable positive momentum as commodity markets readjusted. The precious metal found strong support from a softening U.S. dollar and declining 10-year Treasury yields, which fell to roughly 4.65%. Lower energy costs have minimized fears of hyper-inflation, allowing precious metals to carve out a stronger upward trajectory ahead of upcoming monetary policy updates.