Finance

The tech sector faced prolonged downward momentum as semiconductor shares suffered deep losses, highlighted by double-digit drops in memory-chip producers. Market sentiment remained burdened by growing investor skepticism surrounding massive corporate spending on artificial intelligence without immediate profit clarity. Major hyperscalers like Intel, Tesla, and Meta all faced notable selling pressure during the session.

Global energy markets experienced a reprieve as Brent crude futures dropped nearly 4% to settle around $96.78 a barrel, after briefly surging past the $100 mark earlier in the week. The price reversal followed reports that Pakistan and Iran are looking to establish a pathway for fresh talks mediated by China to de-escalate Middle East friction. This reduction in oil prices alleviated some near-term pressure on government bond yields, which had previously spiked due to resurgent inflation fears.

A new trade policy went into effect imposing a wave of tariffs ranging from 10% to 12.5% on more than 60 of the United States' primary trading partners. Designed to replace a temporary global tariff that expired, the framework covers more than 99% of total imports and aims to be more legally resilient. The immediate political fallout included a lawsuit filed in the Court of International Trade contesting the legality of the new duties.