Finance

Chipmakers faced a difficult trading session, placing strong downward pressure on the broader tech sector. The Roundhill Memory ETF tumbled 8.5%, fueled by an 11% drop in Sandisk Corporation and a 7% decline in Micron Technology, while the broader iShares Semiconductor ETF lost roughly 4.5%. Despite posting a notable revenue beat, Intel shares fell approximately 8% as investors remained skeptical about short-term payoffs from heavy artificial intelligence investments.

Crude oil futures pulled back late in the week, bringing a temporary sigh of relief to equity markets after Brent crude previously breached the $100 per barrel mark. Brent crude contracts declined nearly 4% to settle around $96.78 amid reports that Pakistan and Iran are considering new diplomatic discussions with the U.S., a development initiated by China. Despite the single-day retreat, oil prices finished the volatile five-day period substantially higher on the week because of ongoing supply chain risks in the Persian Gulf and Red Sea.

Government bond yields moved lower as the drop in energy prices slightly calmed resurgent inflation concerns. The yield on the benchmark 10-year Treasury note moved down to 4.678% after touching its highest level of President Trump's second term. Concurrently, short-term debt saw relief as the 2-year note rate edged down to 4.35% from the multi-year highs recorded earlier in the week.