Finance

The chipmaker industry saw explosive growth following blowout earnings from Advanced Micro Devices, which sent its shares up over 18% in a single session. This rally has pushed the Philadelphia Semiconductor Index to record peaks, with tech companies now accounting for a substantially larger portion of the S&P 500's total value.

Global crude oil prices plunged roughly 7% to 9% as traders pared back risk exposure following reports of a possible deal in the Middle East. This decline in energy costs has provided a major relief to equity markets by alleviating immediate inflation concerns for American households.

The yield on the benchmark 10-year Treasury note dropped toward 4.35% as the sudden dip in oil prices reduced pressure on the Federal Reserve to maintain restrictive policy. Bond prices moved higher across the curve, with the 30-year yield also seeing a decline after previously crossing the critical 5% threshold.