Finance

Mega-cap chipmakers led the upward movement in equities as demand linked to artificial intelligence infrastructure remained robust. Giants Nvidia and AMD both achieved fresh record highs, while Marvell Technology surged following an upward revision of its revenue guidance during an investor event. However, analysts note that overall market breadth remains narrow, with a lower percentage of individual stocks sustaining gains above key moving averages.

Wagers on a potential interest rate hike at the Federal Reserve's upcoming policy meeting have dropped significantly following softer-than-expected employment statistics. Investors adjusted down the likelihood of an October rate increase to under 25%, a steep decline from earlier expectations. Despite the near-term cooling, market participants are still pricing in a potential interest rate tightening cycle extension toward the end of the year.

Fixed-income markets experienced relief as long-dated U.S. Treasury yields backed down from their recent cycle highs. Concurrently, global crude benchmarks saw a drop of nearly 2%, with Brent crude stabilizing near psychological levels around $100 a barrel. This easing was driven by a rise in Middle Eastern shipping exports alongside strategic diesel stockpile release commitments from the G7 nations.