Finance

Prior to the holiday closure, US stocks finished the week on a high note led by a massive 6.4% surge in the Philadelphia Semiconductor Index. Significant gains from industry leaders like Nvidia and Intel, the latter buoyed by a domestic manufacturing deal with Apple, helped the Nasdaq and S&P 500 recover from earlier hawkish signals from the Federal Reserve.

Oil prices have experienced significant volatility following reports regarding a memorandum of understanding between the United States and Iran aimed at restoring maritime traffic. Although Brent crude initially dipped on hopes for increased supply, prices rebounded toward $80 per barrel today as skepticism grew over the durability of the proposed peace settlement.

Policymakers at the Federal Reserve recently opted to keep interest rates steady between 3.5% and 3.75%, while signaling that at least one more rate hike may occur before the end of 2026. This firmer tone has pushed the US dollar to a one-year high and led market analysts to push back expectations for any potential rate cuts until the first half of 2027.