Finance

Crude oil futures rallied sharply following reported military altercations between the United States and Iran. Both Brent and West Texas Intermediate futures jumped by over 6% during session trading, which re-ignited fears regarding corporate transportation costs and energy-led consumer inflation.

Major tech and chipmaker stocks continued their downward momentum as Wall Street experienced a broader rotation away from high-flying artificial intelligence bets. Markets shifted into defensive mode ahead of crucial earnings reports from industry giants Meta Platforms and Microsoft, with investors looking closely at capital spending returns.

Bond yields marched higher in step with rising oil prices and a cautious response to the central bank's commentary. The 10-year Treasury yield climbed toward 4.65%, adding immediate pressure to consumer borrowing rates and contributing to a volatile afternoon trading session for equity benchmarks.