Finance

Shares of GE Vernova jumped 12% to reach a new record high after the power equipment manufacturer reported first-quarter earnings that significantly exceeded analyst expectations. The company's performance was driven by a massive surge in orders for data center equipment, which the CEO noted surpassed the total orders received in all of the previous year.

Despite the diplomatic ceasefire extension, Brent crude oil prices briefly exceeded $102 per barrel due to ongoing uncertainty and reports of ship seizures in the Strait of Hormuz. Traders remain cautious as a significant portion of global oil supply remains potentially obstructed, keeping energy market volatility high.

Cryptocurrency markets saw significant gains on Wednesday, with Bitcoin rising above $78,000 to reach its highest level since early February. The rally was supported by both the geopolitical de-escalation and a substantial $2.54 billion purchase of the asset by Strategy, which absorbed a large portion of the monthly global miner supply.

The U.S. bond market showed minimal movement on Wednesday as investors digested the latest international developments, with the 10-year Treasury yield holding steady near 4.30%. While long-term yields were largely unchanged, market participants continue to monitor the 4.35% level as a key indicator for potential shifts in the broader fiscal landscape.

Stocks in the cannabis industry experienced double-digit gains following reports that the federal administration is advancing plans to reclassify marijuana as a less dangerous substance. Major players like Tilray Brands and Canopy Growth saw their share prices jump by roughly 15% to 18% as investors anticipated a reduced tax burden for the sector.