Finance

Energy markets experienced a sharp selloff with WTI crude futures dropping over 9% to fall below the $93 mark. The decline was triggered by optimistic reports regarding a potential memorandum of understanding with Iran that could restore vital energy exports and reopen the Strait of Hormuz to international shipping.

Semiconductor stocks remained at the forefront of the market's upward momentum as Advanced Micro Devices jumped roughly 17% after exceeding quarterly earnings expectations. Meanwhile, Intel continued its record-breaking streak with additional gains, bringing its market capitalization to a historic high of over $544 billion.

The yield on the benchmark 10-year US Treasury note dropped to 4.35%, its lowest level in several days, as plunging oil prices alleviated concerns about sticky inflation. While a robust ADP private payrolls report showed 109,000 new jobs in April, the downward pressure from easing geopolitical risks proved to be the more significant driver for the bond market.