Finance

A divide emerged among mega-cap technology firms following a flurry of quarterly reports. Alphabet shares jumped nearly 10% after its Google Cloud revenue surged 63%, driven by heavy demand for artificial intelligence tools. In contrast, Meta Platforms and Microsoft saw their share prices decline as investors grew concerned about the massive capital expenditures required to sustain AI infrastructure development.

Energy markets experienced high volatility as global benchmark Brent crude briefly hit a four-year high before regressing. To stabilize supply following disruptions in the Strait of Hormuz, the U.S. Department of Energy issued a request for proposals to release up to 92.5 million barrels of crude from the Strategic Petroleum Reserve. National gas prices reached a four-year high of $4.30 per gallon earlier in the week due to ongoing geopolitical tensions with Iran.

U.S. Treasury yields eased slightly on Thursday, with the 10-year note settling around 4.38% after previously reaching higher levels earlier in the week. The 30-year bond yield hovered just below the 5% mark as investors processed a hawkish tone from the Federal Reserve, which recently kept interest rates unchanged in a target range of 3.5% to 3.75%. Market participants remain attentive to persistent inflation measures that aligned with expectations for the month of March.