Finance

Volatility in AI-related stocks intensified following reports that OpenAI may postpone its initial public offering until 2027. The news triggered significant selloffs in hardware and infrastructure plays like Sandisk and Micron Technology, as investors reevaluated the sustainability of current capital spending levels.

Yields on the benchmark 10-year U.S. Treasury note edged down to 4.38% as a decline in crude oil prices helped alleviate immediate inflation concerns. While the 2-year yield also eased to 4.07%, fixed-income markets remain wary of a potential Federal Reserve interest rate hike later this year.

U.S. crude oil prices dropped to approximately $73.74 per barrel as fears of supply disruptions in the Middle East subsided. This decline dragged on major energy stocks like Exxon Mobil and Chevron, though it provided a minor reprieve for broader market inflation expectations.