Finance

Energy prices rebounded during the session after an exchange of fire in the Strait of Hormuz between U.S. and Iranian forces. West Texas Intermediate futures climbed back toward $96 a barrel, fueling renewed inflation concerns and putting downward pressure on equities as traders monitored the risk to global supply chains.

The technology sector experienced significant dispersion as companies reported first-quarter results. While Advanced Micro Devices and Datadog saw shares climb on AI-driven growth, Arm Holdings plummeted over 10% due to concerns over weakening smartphone demand, highlighting the selective nature of the current tech rally.

Government bond yields were relatively steady, with the 10-year Treasury note yielding approximately 4.39% as investors prepared for the release of the April jobs report. Earlier gains in the labor market, including private payrolls reaching a 15-month high, have kept the Federal Reserve's restrictive stance in focus.