Finance

Dell Technologies shares skyrocketed over 30% after reporting explosive 757% growth in AI server revenue, while Snowflake soared more than 36% following a significant revenue beat. This performance underscores a broader market rotation where investors are increasingly rewarding companies that demonstrate tangible financial gains from artificial intelligence applications and infrastructure.

The yield on the 10-year U.S. Treasury note eased toward 4.44% following PCE price index data that signaled a slight cooling in inflationary pressures. Despite this modest decline from recent peaks, long-term bond yields remain near 19-year highs as markets anticipate that the Federal Reserve will maintain restrictive interest rate levels well into next year.

Oil prices fell by more than 2%, with West Texas Intermediate dropping toward $86 per barrel as the market reacted to the potential reopening of the Strait of Hormuz. The decline reflects shifting sentiment as negotiators finalize a memorandum of understanding, though long-term supply remains constrained by tight global inventories and cautious domestic production.