Finance

The tech-heavy Nasdaq Composite led the market with a 3.1% gain, fueled by massive rallies in semiconductor companies like Western Digital and Seagate, which rose 14% and 7% respectively. Enthusiasm for artificial intelligence remained a dominant theme, with the Philadelphia Semiconductor Index hitting a fresh record high as investors favored high-growth technology assets.

Crude oil futures experienced a sharp decline, with Brent and WTI dropping nearly 5% to their lowest levels since early March as the market anticipated the resumption of traffic through the Strait of Hormuz. This retreat in energy costs has significantly calmed global inflation fears and reduced pressure on fuel-sensitive industries like airlines and cruise lines.

Newly public SpaceX saw its market capitalization reach over $2.5 trillion after gaining more than $400 billion in just its second day of trading. Analysts described the reception to the aerospace giant as a positive signal for the broader AI and high-growth sectors, despite lingering questions about the sustainability of such rapid valuations.