Finance

Stocks closed out their holiday-shortened week in positive territory on Thursday, recovering from a mid-week sell-off triggered by hawkish Federal Reserve projections. The Philadelphia Semiconductor Index surged to a record high, bolstered by a 10.6% jump in Intel shares following a strategic chip-making partnership with Apple.

Energy markets saw a significant decline this week as the U.S. and Iran signed a memorandum of understanding to extend a ceasefire and reopen the critical Strait of Hormuz. While some geopolitical fragility remains, the prospect of increased global supply has pulled oil prices well off their 2026 highs, providing a tailwind for broader equity markets.

The US dollar index reached its highest level in over a year following the FOMC's June meeting, where policymakers signaled at least one potential interest rate hike later this year. This shift toward tighter monetary policy has pushed 10-year Treasury yields to approximately 4.45% and increased expectations for another rate increase by October.