Finance

Concerns over rising inflation have deepened as Brent crude oil prices rose toward $110 per barrel following the closure of the Strait of Hormuz. Professional forecasters now expect the Consumer Price Index to potentially reach an annualized rate of 6% in the second quarter, driven by soaring fuel costs resulting from regional conflict.

Despite a broader market downturn, Cisco Systems shares surged over 13% after beating fiscal third-quarter estimates on strong AI-driven networking demand. However, other semiconductor leaders faced heavy selling, with Intel and Nvidia dropping significantly as investors took profits following recent record highs.

Bitcoin fell nearly 3% toward $79,000 as rising Treasury yields reduced the appeal of riskier digital assets. While the Senate Banking Committee advanced the Clarity Act to create a U.S. regulatory framework for stablecoins, the positive news was overshadowed by broader macroeconomic pressures and reports of a potential large-scale sell-off by a major corporate holder.