Finance

Tech shares surged as the semiconductor industry resumed its strong 2026 rally, with a dedicated chipmaker gauge climbing 6.4% in a single session. Intel notably outperformed with a 10.6% gain following news of a domestic manufacturing partnership with Apple. This concentration in technology and AI-related infrastructure remains a primary driver for broader index growth.

Bond markets saw short-term Treasury yields rise while long-term yields eased following the first FOMC meeting led by Chair Kevin Warsh. While the Fed held interest rates steady, a hawkish shift in communication suggested a potential rate hike later this year to combat core inflation. The 10-year yield dipped to 4.453% as geopolitical de-escalation helped lower long-term inflation expectations.

The energy sector was a notable laggard in recent trading, with major firms like Exxon Mobil and Chevron seeing declines of approximately 2%. Crude oil prices wavered and gasoline slipped below $4 per gallon as the reopening of the Strait of Hormuz to tanker traffic was anticipated to restore global supply. Despite the immediate dip, U.S. crude production forecasts for 2026 have been revised upward to 13.72 million barrels per day.