Finance

Chipmaker stocks experienced a severe pullback, significantly weighing down technology benchmarks. The decline was exacerbated by a blockbuster initial public offering from Chinese competitor CXMT and growing investor anxiety regarding corporate spending on artificial intelligence infrastructure. Major industry players like Nvidia and Advanced Micro Devices both dropped 5% during the session.

Shares of Apple surged over 1% to reach an all-time intraday high of $339.50, pushing its market capitalization to $4.95 trillion. This rally allowed the iPhone maker to surpass Nvidia as the most valuable publicly traded company in the United States, ending Nvidia's 272-trading-day streak at the top. The growth comes just ahead of Apple's highly anticipated quarterly earnings report.

Global energy benchmarks plummeted following a sudden halt in air strikes between the United States and Iran, raising optimism for renewed diplomatic negotiations. Brent crude futures slid more than 6% to settle around $85.87 per barrel, while U.S. crude dropped over 8% to finish near $82 per barrel. The drop in energy costs is expected to provide the Federal Reserve with more leeway regarding inflation.