Finance

Crude oil futures surged significantly, with international benchmark Brent crude trading above $105 a barrel and West Texas Intermediate climbing past $94 a barrel. The sharp upward movement in energy costs has been fueled by ongoing geopolitical disruptions, exacerbating fears that inflation will remain stubbornly high. Consequently, these macro pressures continue to undercut equities across various sectors.

Market participants are closely watching the critical meeting between U.S. President Trump and Chinese President Xi Jinping as their extended trade truce undergoes scrutiny. The discussions are highly anticipated by investors looking for clarity on vital topics, including international trade flows, critical minerals, and artificial intelligence regulations. The outcome of the summit is expected to act as a significant driver for future market direction.

Technology and chipmaker shares experienced notable pullbacks as investors reassessed rich valuations amid rising interest rate expectations. Major indices like the Nasdaq Composite underperformed the broader market, driven down by losses in prominent semiconductor manufacturers. The industry faces heightened scrutiny as tighter global economic conditions threaten the pace of capital expenditure in the technology sector.