Finance

Brent and WTI crude oil prices dropped more than 2% as global demand concerns and an increase in U.S. crude stockpiles offset ongoing geopolitical tensions. Despite persistent maritime blockades in the vital Strait of Hormuz and stalled negotiations regarding the conflict between the United States and Iran, oil markets snapped a six-day streak of gains.

Large-cap technology corporations like Microsoft, Apple, and Nvidia saw renewed investor inflows, driving the Nasdaq Composite higher. Conversely, Cisco Systems shares slipped roughly 9% as Wall Street analysts voiced persistent anxieties over the networking giant's future profit margins, overshadowing its stronger-than-expected quarterly earnings.

Shares of Netflix advanced following a fresh financial disclosure showing that Bill Ackman's investment firm has built a sizable position in the streaming platform. The move marks a dramatic pivot for Pershing Square, which had previously exited a $1 billion position in the company several years ago after sustaining heavy losses.