Finance

The information technology sector remained a primary driver of market gains, fueled by a surge in demand for AI-related infrastructure. Dell Technologies recorded its best trading day ever with a 32% increase following exceptional quarterly earnings and a raised outlook, while chipmaker Micron also saw significant gains as its market capitalization reached the $1 trillion milestone.

Treasury yields declined as Brent crude oil prices pulled back toward the end of May, easing immediate concerns over energy-driven inflation. The 10-year Treasury yield fell to 4.45% as the prospect of a diplomatic resolution in the Middle East reduced the upward pressure on global oil benchmarks.

Despite reaching a three-year high, inflation has not yet curtailed consumer activity, as reported by major financial institutions like Goldman Sachs and Bank of America. While the Fed's preferred inflation measure rose to 3.8% annually in April, retail and banking leaders noted that spending on travel and services remains resilient, even as some consumers dip into personal savings.