Finance

The current earnings season has seen notable beats from tech giants, with Apple shares jumping over 4% after exceeding revenue expectations and announcing a $100 billion buyback. Similarly, Alphabet reported record cloud growth, and Qualcomm outperformed estimates, reflecting sustained momentum in AI-related infrastructure and services.

First-quarter GDP expanded at an annualized rate of 2.0%, falling slightly short of economist projections of 2.3% as consumer spending slowed. Despite this cooling growth, the Federal Reserve's preferred inflation gauge remained elevated at 3.5%, prompting policymakers to maintain interest rates at their current levels.

Crude oil prices fell approximately 2% to 3% as markets responded to reports that Iran had sent a new proposal for negotiations through mediators. This development provided relief to energy markets that had recently seen West Texas Intermediate trade above $107 per barrel due to geopolitical tensions in the Middle East.