Finance

Strong quarterly results from Advanced Micro Devices and other chipmakers have fueled a massive rally in the technology sector. This renewed demand for AI-related infrastructure pushed the NYSE Semiconductor Index to new record levels, with some major players seeing double-digit percentage gains in recent sessions.

Energy markets experienced a significant downturn, with West Texas Intermediate and Brent crude futures falling roughly 7% to 9%. The sharp decline followed diplomatic signals that a ceasefire in the Middle East might be imminent, easing fears of persistent energy-driven inflation and providing a boost to global risk appetite.

Policymakers have kept the federal funds rate target steady at 3.50% to 3.75%, citing the need for caution as energy costs remain volatile. While economic growth expanded at a solid 2% annual rate in the first quarter, central bank officials indicate they are monitoring if further hikes might be necessary should price pressures persist.