Finance

Recent quarterly reports from the market's largest technology firms have shown varied results, with Alphabet surging on strong cloud performance while Meta and Microsoft faced pressure over rising artificial intelligence expenditures. Apple provided a late-week boost, with shares rising in extended trading after surpassing revenue and earnings expectations.

The 10-year Treasury yield rose to 4.39% as new data showed the Federal Reserve's preferred inflation gauge, the Core PCE index, reaching an annual rate of 3.2%. Persistent price pressures and steady Treasury supply continue to support higher long-end yields, leading to a steepening yield curve as markets adjust to a more cautious growth outlook.

The cryptocurrency market opened May with Bitcoin holding steady near $78,000, supported by institutional interest despite lower retail participation. While short-term holders have engaged in profit-taking, the digital asset remains above critical technical support levels amidst broader macroeconomic uncertainty and fluctuating risk sentiment.