Finance

Energy markets saw notable upward pressure as international benchmarks, including Brent crude, rallied by nearly 4%. Investors closely monitored fluid negotiations surrounding the Strait of Hormuz amid a backdrop of ongoing conflict involving Iran and the U.S. Persistent delays and uncertainties surrounding a definitive peace agreement renewed anxieties over global energy logistics, providing technical momentum to commodity traders.

Space Exploration Technologies Corp. witnessed heavy trading activity as more than 911 million employee and early-investor shares became eligible for public sale. Despite widespread institutional anxieties that a massive float unlock would spark intense selling pressure, the stock defied expectations by closing roughly 6% higher. The positive performance came on a session where trading volume surged more than double its multi-month daily average.

The tech-heavy portions of the market faced specific selling pressure as major software and semiconductor producers suffered swift pullbacks. Shares of SanDisk and Western Digital dropped double digits after their respective forward outlooks failed to satisfy the market's elevated benchmarks for artificial intelligence infrastructure demand. This correction raised broader institutional queries on whether immediate capital allocations are shifting away from over-extended AI winners.