Finance

The technology sector, previously a primary driver of market records, experienced significant pullbacks after high-profile earnings reports failed to meet lofty expectations. Broadcom shares tumbled 13% in extended trading following a revenue miss, while cybersecurity firm CrowdStrike dropped 11% due to rising investment costs and lackluster guidance.

Treasury yields and the U.S. dollar climbed as resilient economic data, including strong private payroll additions and services growth, reinforced expectations of a hawkish Federal Reserve. The 10-year Treasury yield rose to approximately 4.49%, as market participants lowered their expectations for near-term interest rate cuts amid persistent inflationary pressures.

Gold prices ticked up toward $4,475 per ounce as investors sought safe-haven assets amidst intensifying conflict in the Middle East. Meanwhile, U.S. crude oil stockpiles reported their sixth consecutive weekly drop, adding supply-side pressure to an energy market already strained by military exchanges near the Strait of Hormuz.