Finance

Software stocks experienced a significant downturn following quarterly reports from industry leaders. ServiceNow shares plunged 18% after its forecast failed to meet high expectations, and IBM fell over 8%, leading a broader 6% decline in a major tech-software ETF.

Oil prices jumped significantly as cracks appeared in the fragile ceasefire between the U.S. and Iran. Brent crude rose above $105 per barrel and WTI crude settled near $96 as Iran demonstrated control over the strategic Strait of Hormuz by seizing cargo vessels.

The yield on the 10-year U.S. Treasury note rose to 4.34% on Thursday, marking a more than one-week high. Rising energy costs and persistent geopolitical tensions have reinforced market expectations that the Federal Reserve may maintain elevated interest rates for a longer period.

The cryptocurrency market remained relatively stable with Bitcoin trading near $78,000, its highest level since early February. While prices saw minor retreats during the day, the asset continues to be supported by institutional capital and relief following recent ceasefire extensions.

First-quarter earnings results showed a clear split in performance across industries. While Texas Instruments rallied 19% on strong analog chip demand, Tesla fell 3.6% due to rising spending forecasts, and American Airlines cut its 2026 earnings projections despite beating recent estimates.