Finance

International oil benchmarks slid roughly 5% following news that the U.S. would pause military operations to pursue a deal to reopen the strategically critical Strait of Hormuz. The cooling of crude prices helped ease widespread fears about persistent inflationary pressures.

The tech-heavy Nasdaq led the broader market gains as investors rotated back into megacap growth stocks following a volatile July. In a major milestone, Amazon surpassed a three-trillion-dollar market capitalization fueled by a massive acceleration in cloud revenue and heightened capital expenditure forecasts for artificial intelligence infrastructure.

The U.S. Treasury and Japanese authorities executed their first coordinated currency intervention since 2011 to shore up the value of the yen. The rare joint action successfully pulled the yen back from a near 40-year low against the dollar, helping to mitigate extreme market volatility.