Finance

The second-quarter earnings season opened with robust results from major financial institutions, where five of the largest U.S. banks reported a collective 39% jump in quarterly profits. Goldman Sachs saw its shares hit a new all-time high after a 9% single-day rally, fueled by a resurgence in dealmaking and high-profile transactions like the SpaceX IPO. While leaders like JPMorgan Chase and Bank of America gained, others including Citigroup and Wells Fargo faced share price declines despite the broader sector's revenue growth.

Technology shares recovered from recent losses, led by a 2.5% gain in the VanEck Semiconductor ETF. Memory chipmakers like Micron and SK Hynix experienced significant price swings, with the latter's ADR soaring 27% in recent trading sessions. This recovery comes as investors navigate a high bar for technology earnings, with the sector expected to deliver year-over-year profit growth exceeding 65%.

Crude oil prices remained volatile, with West Texas Intermediate futures trading near $80 per barrel as geopolitical tensions shifted. Prices initially surged following a renewed blockade in the Strait of Hormuz but later pared gains after the U.S. administration walked back certain shipping fee proposals. Despite the recent pullbacks, Brent crude maintains a gain of over 10% for the week, keeping energy costs a central concern for future inflation data.