Finance

International benchmark Brent crude futures extended their recent rally to settle at over $94 per barrel, fueled by ongoing military tensions between the U.S. and Iran. The spike in energy costs has intensified macroeconomic concerns over sticky inflation, driving the 10-year Treasury yield up to 4.63% as traders increasingly price in the likelihood of a Federal Reserve interest rate hike.

Shares of Super Micro Computer surged nearly 20% to lead gains in the S&P 500 after the server manufacturer announced it had captured more than $60 billion in fresh orders during the fourth quarter. The massive upward revision to its forecast also provided a lift to industry peers, pushing Dell Technologies up over 9% and Hewlett Packard Enterprise up 3%.

AT&T saw its stock advance about 3.5% after reporting second-quarter wireless subscriber additions that surpassed consensus estimates, alongside plans to fast-track capital returns to shareholders. Similarly, Philip Morris International climbed 3.3% following robust demand for cigarettes and alternative tobacco offerings that drove a top- and bottom-line earnings beat.