Finance

Crude oil futures slid more than 2% as the International Energy Agency projected a global consumption slowdown for the year. Both Brent and West Texas Intermediate futures fell despite ongoing geopolitical tensions surrounding the U.S.-Iran war. The reduction in energy costs helped alleviate broader market anxieties regarding persistent inflationary pressures.

Shares of Cisco Systems fell over 8% following the release of its latest quarterly financial results. Although the networking giant exceeded Wall Street estimates for both revenue and profit, investors pulled back due to weak gross margin guidance. The decline limited overall gains for the blue-chip Dow Jones Industrial Average.

Shares of Workday jumped 18% after reports surfaced that private equity firm Silver Lake is in discussions to acquire the business-software entity. Concurrently, specialty insurance platform Accelerant Holdings experienced a massive 43% surge following an all-cash acquisition agreement from tech-focused buyout firm Thoma Bravo. The significant premiums generated substantial optimism within the enterprise software and technology sectors.