Finance

Chipmakers led the market's upward momentum today, with several major firms regaining significant ground following a trillion-dollar loss in market value on Friday. Notable performances came from Micron Technology and Intel, the latter rising over 11% on news of a major order from Alphabet for proprietary processing units.

Market volatility was fueled by localized military strikes between Iran and Israel, causing a brief spike in international oil prices before they stabilized on reports of a strategic pause in hostilities. These developments also impacted the fixed-income market, where the 10-year US Treasury yield remained elevated near 4.56% as investors balanced safe-haven demand against persistent inflation concerns.

Recent hot labor and inflation data have caused a sharp reversal in monetary policy expectations, with traders now pricing in a high probability of a Federal Reserve rate hike later this year rather than a cut. This shift has led to an aggressive repricing across the Treasury yield curve, particularly in short-term maturities where the 6-month yield has surpassed the effective fed funds rate.