Finance

The technology and retail sectors experienced highly divergent paths following quarterly financial updates. Shares of Amazon surged roughly 15% after reporting strong profit metrics and expanding cloud computing revenue, reassuring investors regarding artificial intelligence infrastructure investments. Conversely, Apple dropped over 7% due to soft revenue figures in its China division and services segment.

Bond markets experienced notable movements after the Federal Reserve opted to maintain its benchmark interest rate steady. Long-term U.S. Treasury yields soared, with the 30-year bond yield reaching its highest point in nearly two decades at approximately 5.27%. This stark yield curve steepening reflects investor apprehension about lingering inflation, which is being compounded by rising energy costs linked to the ongoing war with Iran.

The cryptocurrency market faced selling pressure as Bitcoin fell back below the $63,000 threshold. Risk appetite diminished following disappointing earnings reports from major industry corporate backers and a stated strategy by a top institutional holder to liquidate a multi-billion dollar portion of its digital assets. Additionally, fading momentum surrounding the progress of regional crypto legislation continues to keep prices range-bound.