Finance

The tech-heavy Nasdaq Composite outperformed other major benchmarks, driven by substantial gains in artificial intelligence and semiconductor companies. Micron Technology reported blowout fiscal fourth-quarter results with earnings increasing more than eleven-fold, while Broadcom shares surged on reports of a multi-billion dollar AI chip financing initiative.

Crude oil benchmarks displayed mixed daily performance but recorded a weekly decline following a significant policy announcement by Western allies. The G-7 and European nations reached an agreement to release 100 million barrels of crude and diesel from their emergency stockpiles, mitigating some supply fears stemming from heightened geopolitical tensions.

Shares of consumer apparel giant Nike experienced a sharp downturn following its latest corporate earnings release. Although the footwear manufacturer exceeded quarterly profit estimates, its overall revenue weakened and its downwardly revised fiscal year sales forecast disappointed investors.