Finance

Chipmaker stocks recovered from previous sell-offs, with the VanEck Semiconductor ETF rising 2.5% and companies like Micron and Lam Research gaining roughly 5%. In contrast, IBM shares plummeted 25% following a profit warning due to weak demand in its software and infrastructure divisions, significantly weighing on the Dow Jones Industrial Average.

U.S. Treasury yields dropped sharply as the 10-year note yield fell to 4.58% from a recent high of 4.62%. The two-year yield, which is particularly sensitive to central bank policy, saw its largest one-day decline since February, as traders lowered the probability of further Fed tightening this year.

Oil prices climbed to one-month highs as the U.S. reimposed a naval blockade on Iranian ports, threatening global supply through the Strait of Hormuz. Brent crude settled at approximately $84.73 per barrel, and West Texas Intermediate rose to $79.34, even as President Trump withdrew a separate proposal for a 20% transit fee on non-Iranian cargo.