Finance

Crude oil futures jumped significantly, with West Texas Intermediate crossing $86 per barrel and international benchmark Brent crude surpassing $94 per barrel. A 'poly-crisis' of logistical challenges—including rerouted tankers in the Red Sea, ongoing military friction involving Iran, and drone activity in the Black Sea—is threatening major maritime choke points and squeezing global supplies.

The yield on the 10-year US Treasury note advanced to approximately 4.67%, marking its highest intraday level in about two months. Due to the inflationary threat posed by rebounding energy markets, traders are pricing in higher odds that the Federal Reserve will implement an interest rate increase by September.

Super Micro Computer experienced a massive rally of over 20% fueled by a record order backlog for AI infrastructure, while legacy giants AT&T and Philip Morris both topped analyst expectations due to robust wireless subscriber growth and smoke-free product shipments. Conversely, tech behemoths like Alphabet experienced post-market pressure as investors expressed skepticism regarding heavy capital expenditures on artificial intelligence.