Finance

Crude oil benchmarks spiked over 4% in a single session and recorded a massive weekly gain of roughly 10% following an intensification of conflict between the United States and Iran. Mutual strikes hitting critical regional infrastructure and disruptions around the vital Strait of Hormuz waterway have reignited global supply anxieties and elevated fears of renewed inflationary pressures.

U.S. tech firms faced significant selling pressure after the Chinese artificial intelligence startup Moonshot released a highly advanced system capable of rivaling top-tier American models. The unexpected breakthrough heightened fears among market participants that international open-source competition could undercut the sales growth and lofty valuations of domestic AI leaders.

Second-quarter corporate financial results provided a solid floor for equity markets as prominent companies delivered stronger-than-expected earnings reports. Healthcare and transport giants, including UnitedHealth Group and J.B. Hunt, posted substantial earnings beats that helped mitigate broader macroeconomic anxieties and highlighted resilient corporate fundamentals.