Finance

Crude oil futures fell as a preliminary peace agreement between the United States and Iran took effect, leading to the reopening of the Strait of Hormuz to maritime traffic. Brent crude declined toward $79 per barrel as the market anticipated a recovery in global supply following months of geopolitical disruption.

Chipmaker stocks surged to record levels after Intel announced a major partnership with Apple to design and manufacture semiconductors within the United States. This domestic collaboration propelled Intel's shares up over 10% and lifted the broader Philadelphia Semiconductor Index by approximately 6%.

In his first meeting as Fed Chair, Kevin Warsh oversaw a unanimous decision to maintain interest rates while signaling a pivot toward potential future hikes. Updated projections indicate that a majority of policymakers now favor raising rates by the end of 2026 to combat persistent inflationary pressures.