Finance

While most components of the Magnificent Seven faced losses, Nvidia shares surged over 3% after Elon Musk revealed that SpaceX will exclusively utilize the company's processors for its artificial intelligence infrastructure. The announcement created a stark divergence from rival Advanced Micro Devices, which fell 7% despite posting earnings that met or slightly beat projections.

Shares of the recently public rocket manufacture slumped roughly 14% following the release of its inaugural quarterly earnings report. Despite posting strong top-line revenue that surpassed expectations, the selloff was triggered by widening financial losses stemming from significant increases in capital spending geared toward artificial intelligence.

Brent crude prices hovered near $79 to $80 per barrel following alternating waves of market optimism and renewed Middle East friction. While energy markets experienced brief relief from rumors that the United States and Iran are progressing toward an agreement to reopen the crucial Strait of Hormuz, prices later stabilization after regional militants claimed a strike on a commercial shipping tanker.