Finance

Intel stock surged approximately 19% on Friday, reaching an all-time high following reports of a preliminary agreement to manufacture chips for Apple devices. This rally contributed to a total year-to-date gain of 250% for the chipmaker, making it a primary driver for the Nasdaq's recent performance. The deal is seen as a critical milestone in Intel's ongoing corporate turnaround strategy.

Energy markets remain on edge as U.S. forces recently struck Iranian-flagged tankers, maintaining a naval blockade that has kept Brent crude prices near $100 per barrel. While some reports indicate a fragile cease-fire remains in place, the conflict has complicated Federal Reserve policy by keeping inflation above target. Market analysts noted that while oil futures saw some slight easing on hopes of improved tanker flows, risk premiums remain elevated due to the lack of a full peace deal.

The Federal Reserve held interest rates in the 3.5%-3.75% range during its most recent policy meeting, signaling that only one rate cut is expected for the remainder of 2026. While labor markets remain resilient, persistent inflation and energy price shocks have led some officials to suggest that additional rate hikes could still be necessary if price growth does not cool. Consequently, mortgage rates have remained relatively stable in the low-to-mid 6% range throughout early May.