Finance

Global energy markets experienced sharp gains as Brent crude futures jumped roughly 5% and West Texas Intermediate futures surged higher. The price action followed geopolitical friction over the weekend, when Tehran issued complex preconditions for unblocking the vital Strait of Hormuz transit corridor, shaking investor optimism for a swift diplomatic resolution.

Intel dragged down the broader technology sector, with its stock sliding after announcing plans for a massive $15 billion public offering of common stock to fund its artificial intelligence infrastructure and expansion plans. The massive equity dilution triggered a broader wave of selling among semiconductor and mega-cap technology firms, including Nvidia and Apple.

Market participants adjusted their outlook on monetary policy after recent nonfarm payrolls data showed a surprising contraction of 23,000 jobs in July. While investors prepare for the upcoming July consumer price index update, the weaker employment reading has effectively scaled back aggressive expectations for a September interest rate hike from the Federal Reserve.