Finance

Despite the broader tech slump, memory chipmakers have shown significant strength after Micron Technology reported quarterly results that significantly beat analyst expectations. While high memory costs have pressured hardware manufacturers, firms like Sandisk and Micron have seen double-digit percentage gains as artificial intelligence infrastructure demand remains a critical driver of profitability.

WTI and Brent crude futures have fallen toward $70 per barrel as maritime traffic resumes through the Strait of Hormuz, easing fears of severe global supply disruptions. This downward trend in energy costs is providing some relief to inflation concerns, even as recent PCE data showed headline inflation remains elevated above the Federal Reserve's long-term target.

Yields on the benchmark 10-year Treasury note have fallen to roughly 4.38% as a rotation out of risky assets and into sovereign debt gains momentum. Market participants are increasingly cautious following hawkish signals from the Federal Reserve, leading to a modest unwinding of expectations for imminent policy loosening despite softer-than-feared monthly inflation readings.