Finance

Crude oil futures climbed back above $100 per barrel as a fragile ceasefire was tested by skirmishes near the Strait of Hormuz. The surge in energy costs is compounding concerns about persistent inflation and potential supply chain disruptions at critical global ports.

Recent data showing fewer than expected unemployment claims suggests a tight labor market that may keep interest rates elevated for longer. Investors are closely monitoring upcoming nonfarm payrolls for further clues, as Federal Reserve officials maintain that steady rates are necessary to navigate current economic uncertainty.

Despite broader market weakness, the Nasdaq remains bolstered by a multi-year rally in artificial intelligence and cloud computing. Robust corporate performance, exemplified by Datadog's significant stock surge after raising its outlook, continues to provide a floor for high-growth technology shares.