Finance

Crude oil futures continued to face upward pressure following a renewed wave of hostilities between the United States and Iran. Brent crude settled up 1% to reach $95.63 a barrel, while West Texas Intermediate climbed 0.9% to close just above $91. The ongoing conflict has heightened energy-driven inflation fears, adding complexity to the Federal Reserve's upcoming monetary policy decisions.

In corporate movements, Dell Technologies shares surged after the hardware provider boosted its annual revenue expectations, contributing to a broader stabilization in technology stocks alongside gains from Nvidia. Conversely, cybersecurity giant Palo Alto Networks saw its stock tumble 9% following its quarterly earnings report. The slide represents a pullback for the company after its valuation approached perfection following a massive rally over the prior six months.

The bond market rout paused on Wednesday as the 10-year U.S. Treasury yield ticked down slightly to finish at 4.793%. Despite the minor pullback, borrowing costs remain significantly higher since the beginning of the year, with the 2-year Treasury yield recently touching 4.41%. Traders are continuing to weigh a high probability of a Federal Reserve interest rate hike at the upcoming September meeting to curb stubborn inflation.