Finance

Technology stocks outperformed the broader market in late May, led by a massive 33% surge in Dell Technologies following exceptional earnings and raised guidance for AI servers. This momentum was mirrored by significant gains in software and infrastructure providers like Okta and ServiceNow, contributing to a monthly increase of approximately 8% for the Nasdaq Composite.

Crude oil benchmarks experienced a substantial sell-off on reports of a preliminary 60-day ceasefire agreement between the U.S. and Iran. Brent crude fell roughly 10% for the week to settle near $92 per barrel, as traders anticipated the potential reopening of critical shipping lanes in the Strait of Hormuz.

U.S. Treasury yields eased at the end of May as cooler-than-expected Personal Consumption Expenditures (PCE) price index data moderated concerns over persistent inflation. The benchmark 10-year note yield dropped to roughly 4.44%, while long-dated 30-year bond yields retreated slightly from recent 19-year highs.