Finance

Alphabet propelled the broader market upward after revealing new proprietary AI chips and strategic partnerships, leading to a 2% gain in its shares. Semiconductor companies also saw significant momentum, with Micron Technology jumping over 8% due to sustained demand for memory and storage in AI applications.

Despite the broad equity rally, oil prices faced upward pressure as Brent crude briefly exceeded $102 a barrel due to ongoing uncertainty in the Middle East. Energy sector stocks like Exxon Mobil and Chevron had previously shown weakness as investors pivoted back toward growth and risk-on assets following the ceasefire news.

The cryptocurrency market experienced a notable breakout, with Bitcoin rising over 5% to approach the $79,000 level. Investors appear to be favoring digital assets as the prospect of peace in international conflicts reduces demand for traditional safe havens like gold.

A robust start to the earnings season provided support to the market, with companies like GE Vernova and Boston Scientific reporting profits that exceeded analyst expectations. This optimism helped offset concerns regarding the independence of the Federal Reserve as nominee Kevin Warsh faced a heated Senate confirmation hearing.

Shares of major cannabis producers such as Tilray Brands and Canopy Growth saw double-digit gains after an executive order aimed at accelerating the reclassification of the drug. The move is expected to potentially ease the regulatory and tax burdens currently facing the domestic industry.