Finance

Tech shares faced a downturn at the end of the week, driven largely by sharp declines in chipmakers and artificial intelligence infrastructure stocks. Applied Materials slumped over 5% despite beating quarterly profit and revenue estimates, as investors booked profits amid high valuations. Broadcom and Intel also suffered notable losses, dragging down the tech-heavy benchmarks.

Crude oil futures climbed significantly to wrap up the week, adding pressure to financial markets. Uncertainty surged following reports of fresh attacks on tankers trying to exit the Persian Gulf. This geopolitical instability has restricted transit through the vital Strait of Hormuz, driving Brent crude prices up toward $88 a barrel.

Macroeconomic reports earlier in the week showed that inflation is beginning to moderate, offering a sigh of relief for Wall Street. The producer price index for final demand remained unchanged in July, matching broader trends of cooling consumer price metrics. The soft data lowered Treasury yields and reinforced market expectations that the Federal Reserve may refrain from additional interest rate hikes in September.