Finance

Technology shares outperformed the broader market, led by a 16% surge in Arm Holdings after the company announced plans for an in-house chip expected to drive significant future revenue. Other hardware giants including Dell Technologies and Hewlett Packard also saw notable gains, reaching record levels despite ongoing market volatility.

Crude oil prices fell below $97 per barrel as news of a potential diplomatic off-ramp tempered fears of supply disruptions in the Strait of Hormuz. This retreat in energy costs provided a tailwind for airline and cruise stocks, which rose on the combined outlook of lower fuel expenses and improved regional stability.

The 10-year U.S. Treasury yield rose to an eight-month high above 4.4% as pro-inflationary risks and high deficit spending weighed on the bond market. Recent producer price data indicated that core inflation remains sticky, leading many traders to push back expectations for Federal Reserve interest rate cuts until the second half of 2026.

The cryptocurrency market showed resilience with Bitcoin holding steady around the $71,000 mark, supported by more than $1.5 billion in spot ETF inflows during March. While Ether experienced a slight pullback to $2,120, retail sentiment remained positive for high-beta assets like Dogecoin, which posted a 3.5% gain.

In significant corporate news, a consortium led by Global Infrastructure Partners and EQT AB agreed to acquire utility firm AES Corp for $33.4 billion. Despite the massive scale of the deal, shares of AES fell nearly 18% as the acquisition price represented a discount to its previous closing value.