Finance

Energy prices fell for the first time in a week, bringing temporary relief to inflation-wary financial markets. International benchmark Brent crude slid nearly 4% to settle around $96.78 per barrel, while West Texas Intermediate also recorded a solid decline. The price contraction followed reports that diplomatic channels are exploring a path toward fresh peace negotiations involving the U.S. and Iran.

Tech stocks remained under pressure as investors questioned the escalating infrastructure outlays required for artificial intelligence relative to immediate revenue returns. Chipmakers suffered heavily, with Intel dropping roughly 8% despite surpassing quarterly earnings expectations, while SanDisk and Micron Technology tumbled 11% and 7% respectively. The widespread tech rotation also exacerbated a steep monthly wealth decline for high-profile sector executives.

A new framework of global import levies officially went into effect, executing double-digit tariff rates ranging from 10% to 12.5% on top U.S. trading partners. Designed by the White House under Section 301 to better withstand legal friction, the newly enforced regulations exempted certain energy products to minimize supply disruptions. Despite these exemptions, the trade barriers added to macroeconomic anxieties and kept broad equity markets on cautious footing.