Finance

Technology stocks outperformed the broader market, driven by a significant 10.6% jump in Intel shares after a reported partnership with Apple to design and manufacture chips within the US. The broader Philadelphia semiconductor index rose over 6%, bolstered further by strong earnings growth across the industry.

In the first meeting led by new Chair Kevin Warsh, the Federal Reserve kept interest rates steady but signaled a more hawkish outlook for the remainder of 2026. Updated economic projections indicate that roughly half of the committee now anticipates at least one additional rate hike this year to combat persistent core inflation.

Energy commodity prices declined, with Brent crude falling below $80 per barrel as tanker traffic resumed through the Strait of Hormuz. This supply relief led to a downturn in the energy sector, which saw major players like Exxon and Chevron drop over 2% even as other market sectors rallied.