Finance

Technology shares outperformed the broader market, anchored by a surge in Intel's stock following reports of a new manufacturing partnership with Apple. This positive momentum contributed to a record high for the Philadelphia Semiconductor Index, though newer market entrants like SpaceX experienced high volatility following their recent public debuts.

Despite the daily rebound, market gains were capped by recent signals from the Federal Reserve under new Chair Kevin Warsh. Updated economic projections suggest a possible interest rate hike later in 2026 to combat persistent inflation, which remains well above the central bank's target.

Oil and gasoline prices continued to retreat following the signing of an interim pact intended to reopen the Strait of Hormuz. While crude prices have fallen toward pre-conflict levels, natural gas futures edged higher after storage inventory reports came in below analyst expectations.