Finance

The Philadelphia Semiconductor Index surged 5.6% as chipmakers bounced back from their worst trading sessions in years. Intel shares jumped 11% following reports that it could serve as a backup manufacturer for Nvidia and Google, while Marvell Technology climbed 9% after its inclusion in the S&P 500 was announced. Other memory chipmakers like Micron also saw substantial gains, nearly erasing losses from the previous Friday.

Oil prices pared early morning gains after Israel and Iran signaled a halt to offensive operations, easing immediate supply security concerns. Brent crude briefly touched $98 a barrel overnight before settling near $94.25, while West Texas Intermediate closed around $91.40. Market volatility remains high as investors continue to monitor geopolitical developments and their potential impact on global inflation.

The 10-year Treasury yield rose to 4.55%, reaching its highest level in several weeks as strong labor data fueled expectations for sustained high interest rates. Bond traders are increasingly pricing in the possibility of a rate hike later this year rather than a cut, as CPI remains significantly above the Federal Reserve's 2% target. Conversely, the 2-year yield saw a slight decline, closing at approximately 4.16%.