Finance

Shares of Dell Technologies skyrocketed nearly 33% on Friday, achieving its best single-day performance on record following a substantial first-quarter earnings beat and raised full-year guidance. This rally was fueled by robust demand for artificial intelligence computing servers, which also supported broader gains in other tech names like Micron and Qualcomm.

Crude oil prices saw significant declines, with Brent and West Texas Intermediate (WTI) both shedding more than 1.7% as reports surfaced of a potential 60-day ceasefire extension between the U.S. and Iran. WTI ended May down over 16%, its steepest monthly loss since 2020, as investors anticipated a possible reopening of the critical Strait of Hormuz.

The 10-year U.S. Treasury yield eased to approximately 4.44% on Friday, pulling back for the fifth consecutive trading day as geopolitical optimism helped lower inflation fears. This trend across the curve has provided some relief to equity investors, even though yields remain notably higher compared to levels seen earlier in the year.