Finance

Technology stocks outperformed the broader market as Dell Technologies surged nearly 33% following blowout earnings and an increased full-year outlook attributed to massive AI server demand. This momentum followed a similar 36% jump for Snowflake earlier in the week, reinforcing investor confidence in the growth of AI-related hardware and enterprise software applications.

Energy markets saw a sharp retreat as Brent and WTI crude oil prices dropped roughly 17% over the month of May, fueled by optimism regarding a potential 60-day ceasefire deal between the United States and Iran. While Brent fell to approximately $92 per barrel, analysts noted that any supply recovery through the critical Strait of Hormuz will likely be a gradual process requiring mine clearing and infrastructure repairs.

U.S. Treasury yields held steady or declined slightly as lower-than-expected PCE price index data and progress in diplomatic negotiations limited the inflationary outlook. The benchmark 10-year note yield eased toward 4.44%, its lowest level in over two weeks, although broader markets still anticipate that the Federal Reserve will maintain current interest rate levels well into the coming year.